"Shtokman is a major expensive project that is very important for Russia's future," Yury Shafranik said. "But it will have a serious influence if Russian companies provide at least 70% of equipment and services."
The yields of investment in the project may be expected only five years after the start of development, he said. Today $20 billion is being spent on servicing the oil sector, so Russian specialists and equipment should be involved in it, Shafranik added.
The Shtokman natural gas field is located in the central part of the Barents Sea at a depth of 280-360 meters (about 900-1,200 fee), 550 kilometers (about 340 miles) to the southeast of the Kola Peninsula. Regional producer Sevmorneftegaz is licensed to use its reserves, which are estimated at 3,205.3 billion cubic meters of natural gas and 30.98 million metric tons of gas condensate.
