On 25 October 2007, StatoilHydro signed a framework agreement with Gazprom to become a partner in the Shtokman project. The agreement gives the company a share of 24 percent in the Shtokman Development Company (SDC), in which other partners include the Russian company Gazprom having 51 percent and French Total with 25 percent.
SDC is responsible for the planning, financing and construction of the infrastructure in the first phase of Shtokman, and it will own the infrastructure for 25 years from the beginning of commercial production. The estimate for the total amount of gas in the Shtokman field is about 3,700 standard cubic metres (Sm³), making it one of the world’s biggest gas fields. In other words, this amount is equivalent to about 35 years of gas consumption in Great Britain. Even if it is not exactly clear today what this means for StatoilHydro’s production and reserves, we can presume that this will give the company access to large long-term gas resources, and it will be an important part in the company’s international long-term product growth. Technologically, the project represents great challenges, and when Gazprom chooses StatoilHydro as a partner in this project, then the company’s credibility as a world class technology company is boosted and reinforced. The work ahead will be demanding, but at the same time it will give the company the unique possibility to join the project at an early stage and thus gain valuable experience from the beginning of the lifecycle of the project. I know that the Shtokman project has been an important area of focus for both Hydro and Statoil for a long time, and this decision symbolizes a belief in StatoilHydro that internationally has been built up over a long period of time. I send my congratulations to StatoilHydro and wish them all the best in the future!
The Norwegian Prime Minister