Norway’s StatoilHydro is seeking new business opportunities in the Russian Arctic, the company’s country head announced today.

“Regarding new business opportunities in Russia, we are primarily focusing on the offshore Arctic areas,” the president for StatoilHydro Russia, Bengt Lie Hansen, told the Reuters Russia Investment Summit.

He added that the area mostly includes the frozen Yamal peninsula.

International oil and gas majors have often remained wary of large-scale Russian investments after the Kremlin reneged on a series of Yeltsin-era deals, according to Reuters.

Asian state controlled energy giant Gazprom holds 51% of Shtokman, while StatoilHydro owns 24% and France’s Total owns 25%.

Shtokman, believed to hold about 3.8 trillion cubic meters of gas, is expected to launch pipeline exports in 2013 and liquefied natural gas (LNG) shipments in 2014.

These dates could however be pushed back if European demand does not improve.

The volume of StatoilHydro’s investment in Shtokman will be finalised in the first quarter of 2010, Lie Hansen said, according to Reuters.