Statoil 'committed' to Gazprom's Russian offshore natural gas project

Statoil has expressed its commitment to work on the Gazprom’s Shtokman gas extraction project offshore of Russia in the Barents Sea, despite rumours of the Norwegian oil and gas producer’s possible pull-out from the project.
Russia’s Gazprom OAO has been seeking to develop the natural gas field since the early 1990s, and after several attempts, has formed a consortium with Statoil and France’s Total, reports The Wall Street Journal.
The financial viability of the plan has been under scrutiny due to the complexity of the project and precipitously low gas prices, as well as the emergence of the US as a gas exporter.