MOSCOW, March 25 (RIA Novosti) - Development...

"So far we are not reviewing the estimated costs but we agree that the market situation is good," Yury Komarov said. "The crisis is helping us secure good prices and promoting competition, and we are seeing a good trend."

The Shtokman project to develop the Arctic gas field, with estimated reserves of 3.8 trillion cubic meters, is designed to supply the Nord Stream gas pipeline from Russia to Germany currently being built under the Baltic Sea. The Shtokman project cost is estimated at $30 billion.

Gazprom has a 51% stake in the project, while France's Total and Norway's StatoilHydro have 25% and 24%, respectively.

The first pipeline gas supplies from the Shtokman deposit will begin in late 2013 and liquefied gas supplies in 2014. The project's first phase is expected to produce a total of 23.7 billion cubic meters of natural gas annually.