The committee conclusion establishes the project documentation meets environmental requirements. The conclusion is effective within two years.
Gazprom Oil Shelf Llc licensed the Shockman field for geological prospecting and production of gas and gas condensate. To implement the project Russia's Gazprom, France's Total and Norway's StatoilHydro established Shtokman Development AG joint venture (registered in the Swiss Zug). Gazprom holds a 51% stake in the JV, Total - 25% and StatoilHydro – 24%.
The Shtokman field is located in the central part of the Russian sector of the Barents Sea. The giant Shtokman's field holds an estimated 3.8 trillion cubic meters of natural gas and 53.3 million metric tons of gas condensate.