Total has offered Gazprom to re-start Shtokman using new technologies

The French oil and gas concern Total has offered Gazprom the opportunity to re-start the project of the Shtokman deposit's development using new technologies, the Vice President for Exploration and Production in continental Europe and Central Asia of Total, M. Borrel says at the Global Oil Congress. Total declared in the report for 2013 about the writing off of $350 million of its investment into the deposit development.

Full analysis has confirmed the technical scheme of the deposit development in Russia but the price is too high that does not presuppose the necessary profitability. The company stays in contact with Gazprom in studying of other technical schemes that would be appropriate for economics of the project and future participation of the company in the deposit development. At the same time, the company decided to write off investment its of $350 million into Shtokman.