| Author (Person) | Gorst, Isabel |
|---|---|
| Series Title | Financial Times |
| Series Details | 5.2.10 |
| Publication Date | 05/02/2010 |
| Content Type | News |
|
Article reports that an oil consortium headed by Russia's Gazprom was considering in February 2010 postponing its vast Shtokman liquefied natural gas project in the Russian Arctic due to depressed global demand for gas. Shtokman Development, which was a venture between Gazprom, Total of France and Norway's Statoil, had expected the project to produce its first gas in 2013 and begin liquefied natural gas shipments to North America in 2014. But a surge in domestic shale gas production has reduced the US's need for LNG in the past 12 months, and forced the Shtokman partners to review their strategy. On the 29 August 2012 Gazprom formally reported that rising costs and falling prices made its Shtokman development no longer feasible in the short term. Gazprom said any decision to proceed would be reviewed 'only when conditions on the market change: either prices should rise, or costs should go down'. |
|
| Related Links |
|
| Subject Categories | Energy |
| Countries / Regions | Russia |
