Energy groups delay decision on giant Russia gas field

MOSCOW ? A final decision on whether to develop a massive liquified natural gas field off Russia's Arctic coast was delayed until March, a statement from the project's development partners said on Thursday.

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"This timetable to take a final investment decision (FID) is necessary given the importance and size of the Shtokman project," said a statement from Shtokman Development, a company uniting energy giants Gazprom of Russia, Total of France, and Norway's Statoil.

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In the statement, Gazprom chairman Alexei Miller said Shtokman was "a strategic project for all of the partners."

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"In this context the FID must be well prepared taking into account scale and complexity of the project," Miller said.

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Total also defended the decision stressing that given the technological and economic challenges in a project that could last ten years, it was normal that the partners take several extra weeks before moving forward.

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The partners had said in April that a final green light on the project would be decided in December.

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The Shtokman field is one of the last unexploited natural gas fields in the world, estimated to hold 3.8 trillion cubic meters of gas.

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According to experts, located in the Barents Sea above of the Arctic circle, the project would be a technological challenge to develop.

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Source: http://www.mnn.com/earth-matters/energy/stories/energy-groups-delay-decision-on-giant-russia-gas-field

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