ConocoPhillips Eyes Participation in Giant Barents Sea Natural Gas Field

ConocoPhillips is among five companies shortlisted to develop the Shtokman field project, a multibillion-dollar natural gas initiative in the Barents Sea. The company's CEO, James Mulva, expressed enthusiasm for participating in the project, citing Gazprom's interest in moving forward by May. ConocoPhillips already has operations in Russia and aims to secure a 20% stake in OAO Lukoil Holdings, Russia's largest crude oil producer.

Key Takeaways:

• ConocoPhillips is considering participation in the Shtokman field project, a major natural gas initiative in the Barents Sea, alongside other companies including Chevron, Total, Statoil, and Gazprom.
• The project has been on the table for over a decade and has faced repeated delays, with Gazprom indicating a desire to move forward by May.
• ConocoPhillips already operates in Russia and is aiming for a 20% stake in OAO Lukoil Holdings, Russia's largest crude oil producer, through a joint venture.
• The company's CEO, James Mulva, expressed enthusiasm for the Shtokman project, highlighting its potential for the company.
• If ConocoPhillips were to participate in the project, it would be one of the company's most significant investments in Russia to date.

Statistics:

• The Shtokman field project is a multibillion-dollar initiative in the Barents Sea.
• ConocoPhillips aims to secure a 20% stake in OAO Lukoil Holdings, Russia's largest crude oil producer.
• Gazprom is considering the involvement of Chevron, Total, Statoil, and Norsk Hydro ASA in the Shtokman project.
• The project has faced repeated delays over the past decade, with the latest attempt to get it off the groundpending a response from the shortlisted companies by the end of May.

Sources:

• Dow Jones Commodities News via Comtex
• Comtex SmarTrend(SM) Alert
• Dow Jones Newswires
• Copyright (c) 2006 Dow Jones & Company, Inc.
• Comtex News Network, Inc.