Norwegian Statoil Hydro to also develop Shtokman gas field

Energy Trade

Recently merged Norwegian energy group Statoil Hydro on Thursday said it had been awarded a 24% stake in the development of the huge Shtokman gas field.

A “frame agreement” was to be signed Thursday with Russian gas giant Gazprom, the group said. The news pushed the Statoil Hydro share price on the Oslo bourse. Statoil Hydro - the merger of state-controlled Statoil and Norsk Hydro’s petroleum and gas activities - has experience in extracting gas and oil from fields in the Barents Sea. In July, Gazprom selected French concern Total as its initial partner.

Gazprom CEO Alexei Miller said at the time that Total would hold a 25% share but that Gazprom would sell a further 24%, reducing its ownership to a controlling 51%. The Shtokman field in the Barents Sea is considered to be one of the world’s largest natural gas deposits with an estimated 3.2 to 3.7 trillion cubic metres of gas. Deliveries from the field are envisaged to start in 2013 via a new Baltic Sea pipeline to be built, connecting to Germany. A year later, deliveries of liquefied natural gas (LNG) would start up by ship to the United States. Bids were also made by US firms ConocoPhillips and Chevron. (m&


European e-commerce soars during pandemic - study Analysis

European e-commerce soars during pandemic - study

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Chain Bridge to be closed for traffic for 18 months City

Chain Bridge to be closed for traffic for 18 months


Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.