Russ Oil-Gas

 Oct 22, 2008 – Your Oil & Gas News – Shtokman Development AG, controlled by Russias gas export monopoly Gazprom, has confirmed the budget for its Arctic Shtokman project at over $800 million for 2008-2009, Gazprom said on Monday. Gazprom said Shtokman Development discussed the budget of one of the worlds biggest offshore gas projects at its board meeting in Switzerland on Monday. Gazprom controls 51 percent of Shtokman Development, while Frances Total and Norways StatoilHydro hold 25 percent and 24 percent respectively.