Norway and Russia strengthen a sustainable collaboration in the energy sector in the High North. The Norwegian energy corporation StatoilHydro signed an agreement on October 25 on energy cooperation to develop the Russian Shtokman field.
26/10/2007 :: “I am very pleased to see StatoilHydro as a participant in the Shtokman field. This will strengthen the Norwegian-Russian ties as neighbours and our strategic partnership in the energy sector in the High North. The participation also underlines our joint responsibility to ensure a sustainable management of the resources in the Barents Sea”, says Prime Minister Jens Stoltenberg.
StatoilHydro will take a 24 per cent share in the company which is to develop the Russian Shtokman field – Shtokman Development Company (SCD). Gazprom and Total are the other share holders, which count for 51 and 25 per cent each.
“We have giant reserves of gas in the Barents Sea, while our partners from Norway have good experience in production and transportation of gas in harsh Arctic conditions", says Alexei Miller, chair of Gazprom.
The Shtokman field is one of the world’s largest natural gas fields. The field is located in the centre of the Russian sector of the Barents Sea, and was discovered in 1988. Shtokman lies far from the shore and the rough weather conditions make offshore development extremely challenging. The development of the field is shared between three partners: SatoilHydro (24 %), Gazprom (51 %) and Total (25 %).
StatoilHydrohas long experience from working offshore. Here is Troll Oil platform in the North Sea, where StatoilHydro is the operator. Photo: Dag Myrestrand.
Norwegian Ministry of Foreign Affairs