Russ Oil-Gas

MOSCOW, February 21 (RIA Novosti) - Gazprom, Total and StatoilHydro signed on Thursday a deal on a joint venture to develop the Shtokman gas field in the Barents Sea. The ambitious project to develop the Arctic gas field, with estimated gas reserves of 3.7 trillion cubic meters, is intended to supply the Nord Stream pipeline from Russia to Germany currently being built under the Baltic Sea. The Shtokman project cost is estimated at $30 billion. Gazprom has a 51% stake in the project, while France's Total and Norway's StatoilHydro have 25% and 24%, respectively. The newly created JV will own the infrastructure of the Shtokman first stage during 25 years after the deposit is put into operation, following which Total and StatoilHydro will cede their stakes to Gazprom. Investment in the Shtokman first stage will be determined in the second half of 2009, Gazprom CEO Alexei Miller said. "Work will start today to prepare technical documentation and this work will be completed in the second half of 2009 when an investment decision is made," Miller said. The first pipeline gas supplies from the Shtokman deposit will begin in late 2013 and liquefied gas supplies in 2014. The project's first phase is expected to produce a total of 23.7 billion cubic meters of natural gas annually.