Gazprom: 2030 before Shtokman producing

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MOSCOW, Feb. 11 (UPI) -- Russian energy company Gazprom said it would start producing as much as 2.1 trillion cubic feet of gas from its northern Shtokman project by 2030.

Last year, partners to Shtokman -- Gazprom, Total and Statoil -- postponed investment decisions on the project in part because of market considerations brought on by shale natural gas developments in the United States.

Russian energy company Gazprom in December said that engineering surveys for parts of the Shtokman project are in the final stage, however. Preparation for front-end engineering and design documents should be released for a national review by next year, the company stated.

The Moscow Times reports that as much as 2.1 trillion cubic feet of gas may come from the development by 2030.

Statoil in June said it was committed to the project, though campaigners with Greenpeace said the investment decision was a reflection of the risks associated with northern exploration.

The field, which is in the Barents Sea, has an estimated 134 trillion cubic feet of gas. Gazprom said some gas was designated for markets in the Atlantic basin, including the Nord Stream pipeline to Germany.