Integrated oil and gas company StatoilHydro has signed a framework agreement with Gazprom on the main conditions of co-operation for phase 1 of the Shtokman gas condensate field development.

In accordance with the agreement, StatoilHydro receives a 24% stake in the authorized capital of the special purpose company established for designing, financing, constructing and operating the facilities provided for at phase 1 of the Shtokman field development.

Alexey Miller, chairman of the Gazprom management committee, said: The agreement signed today opens a new page in co-operation with an integrated StatoilHydro company. We have giant gas reserves at the Barents Sea shelf, while our partners from Norway have a good experience in the sector of gas production and transmission in the severe environment of the Arctic. Our joint efforts will be the keystone of successful operation in the Arctic region.