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LG has won a major instruction advising Gazprom on the development of the multibillion- pound Shtokman project – the vast offshore gas field belonging to Russia.
The firm’s fledgling Moscow office, which opened in March following a merger with local firm Aurora (TheLawyer.com, 26 March), helped clinch the key mandate.
Moscow-based oil and gas partners Alexander Bondarenko and Ilya Dukhovich are part of a team that was engaged following a tender process comprising around half-a-dozen firms.
London is also closely involved, given that much of the project documentation is governed by English law.
London-based finance partner Richard Elphick, who is working alongside corporate partner Geoff Gouriet, said: “[We’re advising] GDS Gazprom as the licence-holder and owner of the hydrocarbons. It’s an important part of the Gazprom group for this project, advising on most, if not all, aspects.”
This is the first time the London office has been instructed by Gazprom or its subsidiaries, although the Moscow partners have worked for the company previously, according to Elphick.
Shtokman was discovered in the 1980s. The field’s gas reserves, which are estimated to be almost four trillion cubic metres, remain as yet untapped.
This is a significant win in the oil and gas sector for the mid-market firm and follows LG’s role advising Russian oil company Lukoil on its overseas business.