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Shtokman - again 100% Russian

Three years after the project is considered dead, Total sells its 25 percent stake in the Shtokman Development AG.

French company Total’s failed adventure in the Barents Sea comes to end as Gazprom buys its 25 percent stake in the Shtokman Development AG. 

Total and Gazprom during the recent St.Petersburg Economic Forum agreed that the latter would buy the former’s stake in the development company. With the deal, the Shtokman story seems to have reached its final end.

Statoil left the SDAG already in 2012.

After a long process of lobbying which reportedly included also then French President Nicolas Sarkozy, Total in July 2007 obtained the 25 percent stake in what became the Shtokman Development AG. In October the same year, also Statoil was included in the company with a 24 percent stake.

Now, Gazprom again controls 100 percent of the SDAG. Although perspectives seem bleak, the company still promises that the Frenchmen will be the first to be invited to a new partnership if the project again will be put on the agenda, Interfax reports.