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Gazprom Expects Gas Out of Shtokman in 2030

Gazprom expects to start producing natural gas at its Shtokman project in 2030, the company said, Prime reported Friday, citing Gazprom materials.

Gazprom is considering two production scenarios, according to the materials. Under one of them, the gas behemoth is expected to produce 600 billion cubic meters in 2030, while the second one envisages extraction of 700 billion cubic meters.

The Shtokman deposit is one of the world's largest gas fields. It lies in the Russian sector of the Barents Sea, 600 kilometers north of the Kola Peninsula. Its reserves are estimated at 3.9 trillion cubic meters of natural gas and 56.1 million tons of gas condensate.

The project was initially expected to be developed jointly with Statoil and Total. In August, Gazprom postponed the final investment decision on the first phase of the project until at least 2014, saying that high costs and low gas prices impeded it.

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