BP plc apparently is negotiating a swap with Russia’s Gazprom so that BP can gain natural gas pipeline access in Europe and Gazprom can gain access to the growing U.S. liquefied natural gas (LNG) market. If the transaction is completed, it would be the second for Gazprom, which signed a memorandum of understanding with ChevronTexaco last month to undertake a joint U.S. oil and gas project (see NGI, Sept. 27).

Gazprom, which now supplies about 25% of Europe’s natural gas, is said to be eager to penetrate the North American market. Sources told Reuters that producer is holding “intensive talks with almost all oil majors on how to get access to the U.S. LNG market as soon as next year.”

According to Reuters, the deal being explored would involve BP’s LNG trade between its Trinidad and Tobago Atlantic LNG group and the U.S. market. BP has extensive LNG projects in Indonesia, Egypt and Algeria, as well as extensive holdings in Russia.

The BP talks were said to be advanced, but no details were provided. Along with BP and ChevronTexaco, Gazprom apparently has approached ConocoPhillips. Besides gaining access to U.S. markets, Gazprom also is currying interest to develop its $10 billion Shtokman gas field in Russia. The field was discovered in the Barents Sea about 15 years ago, but it remains undeveloped.

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