StatoilHydro, Gazprom take joint steps in Arctic

The new three-year MOU replaced the two companies’ MOU of 2005, a press release from the companies reads. According to the agreement, Gazprom and StatoilHydro are to develop cooperation in the Norwegian and Russian North with the aim of exploring and developing hydrocarbon fields, as well as developing technology necessary for the exploration, production and transport of the resources. The two companies’ development of the Shtokman field is the starting point for the development on Arctic hydrocarbon resources and an accelerator for the development and adaptation of technology, the press release reads. StatoilHydro and Gazprom are partners in the Shtokman project, where the Norwegian company controls 24 percent and Gazprom 51 percent. The huge 3,8 trillion cubic meters big gas field is planned to be in production in 2013