Middle Jurassic and the trapping structure is a large anticline, sealed by Upper Jurassic shales. Technical features At the initial stage the project is expected to produce 22.5 billion cubic meter (bcm) of natural gas and 205,000 tons of gas condensate annually. Later the production is expected to increase up to 70 bcm of natural gas and 0.6 million tonnes of gas condensate. All extraction facilities will probably be located under water. The development costs are estimated at US$15 billion to US$20 billion, although according to the estimate by Alexander Medvedev, deputy chairman of Gazprom's management committee, the field's development costs will be only US$12 billion. Project company The license to explore for and produce gas and condensate on the Shtokman field is owned by Russian company Gazprom Shelf Dobycha (formerly Sevmorneftegaz), a wholly owned subsidiary of Gazprom. Gazprom Shelf Dobycha is a sole customer for the design and construction of the field infrastructure, including a production complex, a pipeline network and an LNG plant, and has all marketing rights for hydrocarbons of the Shtokman field. Shtokman Development AG was to bear all financial, geological and technical risks related to the production activities. Gazprom owned 51% of shares in Shtokman Development, while TotalEnergies had 25% and Statoil 24% of shares. Head of the company was Yury Komarov. Shtokman Development was to own infrastructure for 25 years from field commissioning. Upon completion of phase one, TotalEnergies and Statoil should transfer their shares in Shtokman Development AG to Gazprom. References External links Official Shtokman Development A.G. website Shtokman website by Supplier Network Oil and Gas (English, Norwegian) Geological structure of Shtokman field (in Russian) Natural gas fields in the Arctic Ocean Natural gas fields in Russia Barents Sea Gazprom oil and gas fields Geology of European Russia