Shtokman LNG Terminal

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Shtokman LNG Terminal (Russian: Штокман СПГ) is a proposed LNG export terminal in the Barents Sea, Russia.

Location

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Project Details

• Owner: Gazprom
• Parent company: Gazprom
• Location: Shtokman gas field, Barents Sea, Russia
• Coordinates: 73, 44 (approximate)
• Capacity: 30 mtpa
• Status: Proposed
• Type: Export
• Start year: 2035
• Associated infrastructure: Shtokman Gas Field (Russia)

Note: mtpa = million tonnes per year; bcfd = billion cubic feet per day

Background

The project was originally conceived as a way to supply the US gas market. The Shtokman gas and condensate field was discovered in 1988. In 2008 Gazprom, Total and Statoil signed the Shareholders Agreement on establishing Shtokman Development AG, a special-purpose company for Shtokman Gas Field (Russia)development. The company planned to take the final investment decision on LNG production before the end of 2011.

In 2012 it was reported that Gazprom had called off the project, which had "been sunk by soaring costs, falling European demand and cheap shale gas in America." The week prior, Gazprom's partner Statoil handed back its 24% stake in Shtokman and wrote off $336m (£212m), saying the project could not be commercially justified.

Shtokman Development AG was disbanded in 2019.

In 2018, construction of the LNG terminal with production capacity of 7.5 mtpa was again discussed in the context of developing the Shtokman Gas Field (Russia). The Ministry of Energy of the Russian Federation then reported that the project may be implemented by 2035.

In March 2021, the Russian government released a long-term program for the development of LNG production which included this LNG terminal with a new proposed capacity of 30 mtpa. Expected start year was listed as 2035. The government program stated that Gazprom has conducted a pre-investment study in 2020 and estimated capacity of the terminal to be up to 30 mtpa.

While there have been no recent developments related to this project since March 2021, this project is still considered proposed since its expected start date is 2035.