Wednesday, September 5, 2007

Conoco Has A Chance @ Shtokman

Conoco, Statoil have chance for Shtokman field - paper.

MOSCOW, Sept 6 (Reuters) - U.S. oil major ConocoPhillips (COP.N) and Norway's Statoil (STL.OL) have a chance to join in the development of Russian gas export monopoly Gazprom's (GAZP.MM) giant Shtokman field, a newspaper reported on Thursday.

Vedomosti business daily quoted sources close to Gazprom as saying Conoco could get 14 percent in Shtokman's first phase development while Statoil would get 10 percent.

The newspaper quoted sources as saying Gazprom thought it was important to invite the U.S. firm into the project to avoid a further souring of Russian relations with the United States.

Gazprom has so far invited only one partner to Shtokman, French oil major Total (TOTF.PA) which agreed to take 25 percent in the company-operator of the $18 billion first phase Shtokman development.

Gazprom has said it would keep 50 percent in the company-operator but would continue talks with both Conoco and Statoil on the remaining 24 percent. The company declined to comment on Thursday.

Shtokman, in the Barents Sea, is one of the world's biggest gas fields with reserves enough to supply the world for over a year. Its gas is slated for delivery to Europe by pipelines and to the United States as liquefied natural gas from the middle of next decade.

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