"In March 2010, we will either confirm the decisions... or we will review them," Yury Komarov said, adding that the schedule had not been amended since the start of the global financial crisis.
The first piped gas deliveries from the Shtokman field were scheduled to begin in late 2013 with liquefied gas supplies in 2014. The project's first phase is expected to produce a total of 23.7 billion cubic meters of gas annually, with 7.5 million tons of liquefied natural gas.
Komarov also said that overall financing for the Shtokman project through credit had been reduced from 70% to 60%, adding that the business model is based on "a 60:40 proportion, where 60% is loans and 40% is stockholder financing."
Initial project investment has been estimated at $1 billion dollars, he said.
The project to develop the Arctic gas field, with estimated reserves of 3.8 trillion cubic meters, is intended to supply the Nord Stream gas pipeline from Russia to Germany currently being built under the Baltic Sea. The Shtokman project costs are estimated at $30 billion.
Gazprom has a 51% stake in the project, while France's Total and Norway's StatoilHydro have 25% and 24%, respectively.
France's Total is currently involved in a number of projects in Russia, including the Gazprom-led Shtokman project and the Kharyaginsk oil field in Siberia's Nenets Autonomous Area.
