Statoil still considering options for Shtokman
BY SELINA WILLIAMS
LONDON--Statoil ASA said Tuesday it is considering its options for the Shtokman project, following reports in the Russian press that the Norwegian oil major had pulled out of the giant gas development.
"We have made it quite clear that we need to see considerable improvement in fiscal terms and conditions in order to move forward on Shtokman," Statoil's executive vice president for global exploration, Tim Dodson, told Dow Jones Newswires on the sidelines of an industry event in London.
"There isn't really any new news on that, so it is status quo if those conditions aren't fulfilled," he said.
He declined to comment on whether Statoil was looking to sell its stake in the project.
Russia's gas giant Gazprom OAO operates Shtokman. Statoil has a 24% interest, and France's Total SA has 25%. U.K.-based major Royal Dutch Shell PLC has been lined with joining the project, possibly replacing Statoil.
Dow Jones Newswires
08/07/2012