A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Jim Mulva, Chairman of the Board and Chief Executive Officer of ConocoPhillips has been conducted today at the Gazprom Headquarters.

The meeting took place as part of a new round of the talks involving the companies included in the short list of potential partners in the 1st phase of the Shtokman project. ConocoPhillips confirmed its readiness to continue the talks with due regard of new terms and conditions of cooperation and expressed the intention to shortly provide Gazprom with a package of offers.

Reference:

A leading player on the US energy market, ConocoPhillips is the international integrated petroleum company operating in more than 40 countries of the world and mainly focusing on the four businesses: hydrocarbon exploration and production; oil transmission, refining and marketing; natural gas extraction, processing and marketing; petrochemicals and plastics production & marketing.

Being among the top three (along with BP and Sempra) natural gas vendors in the USA, ConocoPhillips sells domestically some 90 bcm of gas per annum, serving gas distribution companies, power plants and industrial customers.

ConocoPhillips has broad technological experience of deep-water drilling and operations in the Arctic environment. The company employs state-of-the-art gas liquefaction technologies, operates an Alaska-based LNG plant and develops a handful of similar projects on a global scale.

The Shtokman gas and condensate field is located in the central part of the Russian sector of the Barents Sea offshore.

Approved by the RF Nature Ministry’s State Commission for Mineral Resources in January 2006, Shtokman’s C1+C2 reserves make up 3.7 tcm of gas and over 31 mln t of gas condensate.

In October 2006, the decision was taken that Gazprom would be the 100 per cent owner of Shtokman to be developed though jointly with foreign partners.