Agence France-Presse (AFP) reported that Gazprom was placing the project on ice until new technology was available to make the project more viable.

"Right now we are not ready to work on this project," the news agency quoted Gazprom spokesman Sergei Kuprianov telling Echo of Moscow radio.

"We are waiting for the emergence of more efficient technologies, less costly or that market conditions change," he added, delaying the project indefinitely according to AFP.

Gazprom had already postponed the development of the field last year due to the high costs of financing the challenging project, estimated at $15 billion alone for the first phase that was originally due on stream in 2016.