29 August 2012

RUSSIA / NORWAY / FRANCE : Gazprom Kills Arctic's $15 Billion Shtokman Project.


      The delicate Barent Sea may be safer for awhile longer...after Gazprom killed off its expensive and controversial Shtokman gas project.
     The $15 billion project was deemed too expensive...with costs soaring...and Europe's demand for energy falling.
     The USA's volumes of new cheap nat gas from shale...also hammered the arctic plan.
     Greenpeace celebrated Shtokman's likely demise...after Norway's Statoil wrote-off its $336 million investment...and abandoned the project.
     But Gazprom says it is shopping Statoil's share of the project to Shell and others.