Interesting change of pace by Gazprom: first, allowing foreign participation in the project; and second, the possibility of including an LNG plant in the project which could supply the U.S.  Seems likely they have concluded they’re going to need additional capital and expertise to develop this find.

 Gazprom close to Shtokman gas field deal

Gazprom is “very close” to a deal to develop the vast Shtokman gas field in Russia, making a concession to international energy groups by allowing foreign companies to be partners in the project, according to one of the company’s top executives.

Signing a deal to develop one of the world’s biggest gas reserves would be an important success for any of the three groups that have been in talks with Gazprom: Statoil and Norsk Hydro of Norway, which are in the process of merging, Total of France and ConocoPhillips of the US. The cost of the project has been estimated at $20bn-$30bn….

….Shtokman lies more than 500km off Russia’s north coast, in 350m of water. The Arctic conditions make production challenging; not least because of the threat of icebergs.

The potential, however, is enormous. Shtokman’s reserves have been estimated at 3,200bn-3,700bn cubic metres of gas; enough to supply Russia’s entire gas production for five to six years.

You can read the full Financial Times article here.