Gazprom is “very close” to a deal to develop the vast Shtokman gas field in Russia, making a concession to international energy groups by allowing foreign companies to be partners in the project, according to one of the company’s top executives.

Signing a deal to develop one of the world’s biggest gas reserves would be an important success for any of the three groups that have been in talks with Gazprom: Statoil and Norsk Hydro of Norway, which are in the process of merging, Total of France and ConocoPhillips of the US. The cost of the project has been estimated at $20bn-$30bn.