The Russian gas giant will not yet open its wallet in the Barents Sea. While the oil industry eagerly awaits a final investment decision in the huge offshore project, the main field partner will itself spend only peanuts on the project this year.
According to the company´s investment plan for 2012, only 213 million RUB ($7 million) will be allocated to the project. Those money will be spent by subsidiary and licenseholder Gazprom Dobycha Shelf. In addition, $22 million will be allocated to the Shtokman Development AG, the joint venture with Total and Statoil, Oilru.com reports.
As previously reported, the Shtokman partners have not yet agreed on a project final investment decision. After a number of postponements, the companies now maintain that the decision will be taken in March.
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Meanwhile, Gazprom proceeds with its plans in other parts of the Arctic. The company intends to spend about 30 percent of this year´s investments in the Yamal Peninsula, where the Bovanenkovo field is in the last development phase and where a brand new pipeline is stretching westwards to European markets.
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The 2012 investment plan of Gazprom is far smaller than the plan for 2011. While the company last year invested a record-high 1,227 trillion RUB ($40 billion), the company this year plans investments of only 777 billion RUB ($25.7 billion). Meanwhile, the company is expected to boost investments to new heights in 2013 and 2014.
Despite the insignificant sums for the Shtokman project in the 2012 investment plan, Gazprom will still be able to inject sufficient money into project if required. In its half-year revisions of the investment plans, the company usually increases the sums of money considerably.
