Shtokman LNG Terminal

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Shtokman LNG Terminal is a proposed LNG export terminal in the Barents Sea, Russia.

Location

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Project Details

• Owner: Shtokman Development AG
• Parent: Gazprom (51%), Total (25%), Statoil (24%)
• Location: Shtokman field, Barents Sea, Russia
• Coordinates: 73, 44 (approximate)
• Capacity: 7.5 mtpa
• Status: Cancelled
• Type: Export
• Start Year:

Note: mtpa = million tonnes per year; bcfd = billion cubic feet per day

Background

Shtokman LNG Terminal is a proposed LNG export terminal in Barents Sea, Russia. The project was originally conceived as a way to supply the US gas market. The Shtokman gas and condensate field was discovered in 1988. In 2008 Gazprom, Total and Statoil signed the Shareholders Agreement on establishing Shtokman Development AG, a special-purpose company for Shtokman field development. The company planned to take the final investment decision on LNG production before the end of 2011.

In 2012 it was reported that Gazprom had called off the project, which had "been sunk by soaring costs, falling European demand and cheap shale gas in America." The week prior, Gazprom's partner Statoil handed back its 24% stake in Shtokman and wrote off $336m (£212m), saying the project could not be commercially justified.