The term of developing the Shtokman gas condensate field is suspended at least 3 years, RBC Daily reports citing Shtokman Development AG, the the project operator. The new project term was announced at the company’s board of directors Friday meeting.

The company officials confirmed the start of gas production to supply the pipes in the Shtokman project is transferred from the previously planned 2013 to 2016, production of liquefied natural gas (LNG) - from 2014 to 2017.

A final investment decision on the project also delayed. In the first phase it will be approved in March 2011, for LNG production - at the end of 2011.

The Shtokman gas field is located in the central part of Russia's sector of the Barents Sea. Gas field reserves of C1 + C2 are estimated at 3.8 trillion cubic meters gas. To implement the project Shtokman Development AG, a joint venture was created, 51%-owned by Gazprom, 25% of Total, 24% of StatoilHydro. Sevmorneftegaz (100%-owned by Gazprom) licensed the gas field. The first phase project cost is estimated at $15-20 billion.