ConocoPhilips and Gazprom Might Explore Large Gas Field in Russia

ConocoPhilips may take part in the exploration of the Shtokman field, Gazprom Deputy CEO Alexander Ryazanov declared at an international gas forum held in Moscow today. According to him, the participation of this company in the exploration of this field could guarantee supplies of liquid gas from the Shtokman field to the USA.

According to Conoco specialists, the company's investments in the exploration of this field (the construction of a platform, facilities, tankers and a terminal) will be about $10bn, Ryazanov said. At first, production volume on the Shtokman field will be about 22bn cubic meters of gas and 12m tons of gas condensate. The combined forecasted gas production is expected to be 90bn cubic meters.

Gazprom's Executive Board will consider the question of Conoco's participation by the end of May 2003.

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