Canadians get gas in Russia
12 Oct 2004
Petro-Canada's President and Chief Executive Officer, Ron Brenneman, and Gazprom's Management Committee Chairman, Alexey Miller today signed a Memorandum of Understanding (MOU) to investigate a joint liquefied natural gas (LNG) project which would see LNG from Russia shipped to North American markets by 2009.
The MOU encompasses a cooperative study of all aspects of the LNG value chain including liquefaction, re-gasification and the supply-demand fundamentals relevant to marketing arrangements.
It also includes the potential for further co-operation in both Russia and North America on exploration and production, re-gasification and marketing.
Specifically, it covers options for Petro-Canada and Gazprom to jointly develop a liquefaction plant in the St. Petersburg region, and investigate options for gas supplies to that LNG plant and re-gasification in North America.
Gazprom is one of the world's largest highly-integrated natural gas and oil companies. In 2003, the company extracted about 19 trillion cubic feet (about 540.2 billion cubic metres) of natural gas and delivers natural gas to 30 countries around the world.
Gazprom's share of explored reserves is about 6% in Russia and 16% in the world. Gazprom's assured resources have been determined to be about 918 trillion cubic feet (about 26 trillion cubic metres).
