Total pulls out of Shtokman project and gives shares back to Gazprom

French energy firm Total last week announced that it had pulled out of the Shtokman natural gas project in the Barents Sea and had passed its 25% stake back to Gazprom. The two companies has  been looking for cost-effect ways of developing the field for some time until Gazprom suspended the project in 2013 until the requisite technology became available. Shtokman’s 3.8 trn m³ of gas makes it one of the world’s largest untapped reservoirs of natural gas, but its location within the Arctic Circle has so far made its development technically and commercially unfeasible. 

Source: OG