Reports last week hinted that this might happen, but now there's a statement from the company itself. According to The Moscow Times, Russia's state-owned gas giant Gazprom announced an agreement to delay development of the giant, off-shore Arctic natural gas project known as Shtokman by three years, with gas beginning to flow in 2016 and liquified natural gas production beginning in 2017. One analyst suspects Gazprom's partners in the development, Total and Statoil, asked for the new timetable. But whichever company asked for it, Gazprom said that a changing gas market is the main reason behind the delay, particularly the changing LNG market, and it also mentioned the technical difficulty of the project. The project's first phase is expected to require $15 billion of investment. Read more here. And, read one energy sector analysis from a contributor to the Gerson Lehrman Group here.
Gazprom delays Shtokman gas project
