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. Last Updated: 07/27/2016

Foreigners Offered Field Role

Gazprom has offered foreign firms interested in developing Shtokman the possibility of taking a stake in the company that will operate the giant Arctic gas field, Vedomosti reported Monday.

Gazprom continues to rule out selling an equity stake in the field but has issued a proposal that would allow the firms to take on stakes as operators of the field, the newspaper said, citing an unnamed source in wholly Gazprom-owned subsidiary Sevmorneftegaz, which holds the Shtokman license.

It was unclear whether the scheme would allow the potential foreign partners to book any of the field's reserves, which stand at an estimated 3.7 trillion cubic meters.

In October, Gazprom closed years of competition on the field, saying the equity swaps offered by Norsk Hydro, Stat­oil, Total, Chevron and Conoco­Phillips were not attractive enough.

Total and Hydro spokespeople reiterated the companies' interests in working with Gazprom on developing the field, while ConocoPhilipps and Statoil could not be reached. Gazprom was also unavailable for comment.

Chevron spokeswoman Irina Rybalchenko reiterated the company's decision to forego any participation in Shtokman.

"After careful review and considerable thought, Chevron has elected not to participate further in Gazprom's recent bid offering related to the Shtokman gas development project," Rybalchenko said in an e-mail.