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The Business: Battle Begins For Russia's Huge Arctic Sea Gas Field.

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'Battle begins for Russia's huge Arctic Sea gas field':


Russian gas giant Gazprom will this week begin deciding which of five international oil companies will win the right to take part in the largest single gas project of the next decade -- the $25bn (E21bn, £14bn) development of the Shtokman field in the Arctic Sea.


Shtokman's 133 trillion cubic feet make it the third largest gas field yet discovered, with more reserves in one field than the UK and Norway have together. While its reserves make it irresistible to international oil companies, the challenges are immense.

More than 500km into the Russian Arctic Sea where the temperature is below freezing for nine months of the year, Shtokman is in one of the most forbidding environments on earth.


Norsk Hydro has offered Gazprom as much as 10% of its Ormen Lange field, which will next year start piping 20% of the UK's gas supplies. And Gazprom's gas supplies to the UK could be greater still if Total also offers some of its Alwyn gas field, or Conoco and Chevron offer part of their Britannia field.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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