Compromise in Barents Sea gas deal

A year after Gazprom chief Alexei Miller loftily declared that it would develop the world’s largest offshore gas field “without international participation”, the Russian energy giant appears to have changed its mind.

It has now emerged that the Shtokman field in the Barents Sea will probably be developed jointly by a group of international energy giants that will take ownership stakes in the $20bn (
Under the latest Shtokman plan, Gazprom would retain control with a 51% stake in a joint venture to develop the field.

France’s Total would hold 25%, with a 14% stake going to the US energy giant ConocoPhillips.

The remaining 10% would go to Norway’s Statoil-Hydro, according to Russian business paper Vedomosti, which cites Gazprom sources.

Gazprom will not comment on the report. Yet at first sight, what is emerging appears to differ little from its initial battle plan.

That involved the Russian giant running a beauty contest, in which five global energy majors were competing for a place in a Shtokman consortium.

Gazprom lacked the necessary funds, the technical know-how and the offshore expertise to push through a timely and successful development of the Shtokman field, industry insiders pointed out at the time.

BBC