Russian natural gas project was shelved

August 2012, by the Russian Gazprom, France's Total and Statoil to jointly develop the Shtokman project was shelved. According to the British "Economist" magazine, this investment reached $ 40 billion had the biggest goal is to deliver LNG to the United States.
Located in the Barents Sea Shtokman is located in one of Russia's largest gas field, the gas reserves in Russia's first four, the world's No. 8, has proven C1 level reached 3.9 trillion cubic meters of natural gas reserves. Shtokman project is considered to be Russia's Gazprom's strategic projects,Hydraulic fracturing the group hopes this project can make the Russian gas in the global markets remain competitive.
As originally negotiated, Gazprom holds a 51% stake in Total SA holding 25 percent, Statoil holding 24%, if all goes well, Shtokman project in the 2013-2014 period of the production and Exports of natural gas. However, the U.S. shale gas development disrupting their plans.
Plenty of shale gas to the United States at this stage no longer need to import large quantities of natural gas, or even likely to fight air outlet - U.S. gas prices equivalent to the European market, up to 1/3, such a big price advantage, greatly threatened the European market Russia, the main supplier of energy. Many analysts believe that Russia is likely to be forced to give up a large part of the world gas market share.
"Investkafe" company analysis department director Grigori? Burge that the Shtokman project has been halted,ceramic ball largely U.S. shale gas developments. "First of all, in order to obtain tax benefits, Shtokman project takes quite a long time; Second, the U.S. natural gas for the project was originally the main export markets, but now shale gas to become the new darling of the market, therefore, Gazprom needs Consider how to do it without losing the European market. "he analyzed.
"Considering the challenges facing the natural gas industry as a whole and the recent changes, including any exploitation of shale gas  and shale oil brought about the emergence of new technologies in oil and gas revolution, we are studying national energy strategy for the possibility of correction." Russia's Ministry of Economic Affairs Minister Alexander? Novak also noted pessimistically. In the Shtokman project was shelved, the Russian Ministry of Economic Affairs also lowered the amount of future gas exports forecast.