A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Christophe de Margerie, Chairman and CEO of Total took place today as part of St. Petersburg International Economic Forum 2012.

The meeting was particularly focused on cooperation in Shtokman Phase I development. The parties discussed the major terms of a new agreement on the project.

Background

Total is one of the world's leading energy companies. It operates in more than 130 countries and deals with the whole range of operations in the oil and gas sector from upstream to downstream.

The Shtokman field is situated in the central part of the continental shelf within the Russian sector of the Barents Sea.

C1 reserves of the field make up 3.9 trillion cubic meters of gas and 56 million tons of gas condensate.

The Shtokman gas and condensate field development project is of strategic importance for Gazprom. The project implementation will give a start to a new gas production region on the Arctic shelf of Russia.

The Shtokman field will become a resource base for building up deliveries of Russian pipeline gas and LNG to domestic and foreign markets.

Gazprom Neft Shelf, a wholly-owned subsidiary of Gazprom, holds the gas and gas condensate exploration and production license for the Shtokman field.

On February 21, 2008 Gazprom, Total and StatoilHydro (present Statoil) signed the Shareholders Agreement on establishing Shtokman Development AG , a special purpose vehicle to implement Phase 1 of the project. Gazprom holds 51 per cent in the company, while Total and Statoil hold 25 and 24 per cent accordingly.