Russia Seeking Investors To Develop Yamal Reserves

rime Minister Vladimir Putin said that Russia is open to the possibility of foreign companies investing in the hydrocarbon-rich Yamal Peninsula, albeit in partnership with Russian firms.

His comments signal a further subtle shift in policy toward foreign energy companies as the economic downturn and the reality of the hefty expense to Gazprom of developing Yamal resources by itself has a search for external investment.

Partnerships with foreign energy companies on Yamal are likely to be modeled after the Shtokman project, giving them the option to participate via a minority stake in a development company while Gazprom retains control. Yamal has an estimated 12 Tcm of gas reserves and Gazprom's launch last year of the Yamal "Mega-Project" aims to bring 360 Bcm/y of gas production on stream eventually.