Stockmann deposit to become the largest gas project based on production-sharing agreement

It is the Stockmann gas condensate deposit on the continental shelf of the Barents sea that is to become the largest Russian project on conditions of the production-sharing agreement targeted at the extraction of natural gas, said the State Duma's deputy committee head Viktor Borodai.

Under this project, an annual volume of 90-100 billion cubic metres of gas are to be extracted during 25 years, with the general term for the deposit exploitation amounting to 50 years and the payoff period to 13 years.

Interest in this project, already involving Rosneft and Gazprom, has been shown by certain foreign companies, in particular TotalFinaElf.

Another major gas project that calls for production sharing agreements is the Kovykta deposit in the Kursk Region, promising to yield up to 40 billion cubic metres of natural gas a year.