Gazprom Says Shtokman Decision in March

Gazprom Chief Executive Alexei Miller said that a decision on the Shtokman gas field will be made in March

The Shtokman offshore field is a joint project controlled by Gazprom with Total SA and Statoil ASA as minority shareholders.

Last week reports emerged that the launch could be pushed back to 2018 (Read More HERE).

Andre Goffart, an executive at Total, had commented that the gas project in the Barents Sea may prove too expensive.

The cost for the first phase of the long-discussed project was originally estimated at $15 billion.

There are concerns about cost overruns, which coupled with weakened demand for natural gas amid development of shale gas production may put pressure on the economics of the project.

The project is a bit expensive to our taste," said Total's vice president for exploration and development, Goffart was reported to have commented when asked about the economics of the ambitious project, Foxbusiness reports, citing Dow Jones.

Source: Newswires