Russ Oil-Gas

06 September 2007 - Upstream OnLine - US supermajor ConocoPhillips and Norway's Statoil have a chance to join in the development of Russian gas monopoly Gazprom's giant Shtokman field, local media said today. Vedomosti business daily quoted sources close to Gazprom as saying ConocoPhillips could get 14% in Shtokman's first phase development while Statoil would get 10%. The newspaper quoted sources as saying Gazprom thought it was important to invite the ConocoPhillips into the project to avoid a further souring of Russian relations with the US, Reuters reported. Gazprom has so far invited only one partner to Shtokman, French oil major Total, which agreed to take a 25% stake in the operating company of the $18 billion first phase Shtokman development. Gazprom has said it would keep 50% of the operating company but would continue talks with both ConocoPhillips and Statoil on the remaining 24%. Shtokman, in the Barents Sea, is one of the world's biggest gas fields with enough reserves to supply the world for over a year.