LONDON (AFX) – OAO Gazprom said it hopes to cooperate with ConocoPhillips on a US$10 billion joint venture to provide liquefied natural gas to the US market, the Wall Street Journal reported.

Alexander Ryazanov, deputy chief executive of Gazprom, told reporters at a US-Russian energy summit that Gazprom hopes to sign a memorandum of understanding with ConocoPhillips within a month for joint work on an offshore gas deposit in the Barents Sea, the paper said.

US-based ConocoPhillips did not confirm the deal. “We have had discussions with Gazprom about LNG and are interested in LNG opportunities in Russia,” said ConocoPhillips spokesman Sam Falcona, the paper reported.

Mr Ryazanov said Gazprom and ConocoPhillips were discussing joint development of the Shtockman offshore gas deposit in the Barents Sea. The project would include building an LNG plant, a fleet of LNG tankers, a production platform and a pipeline to shore, he said.

The Shtockman field is estimated to have 113 trillion cubic feet of natural gas and 310 million barrels of liquid condensate.

Mr Ryazanov added that a Norwegian company might join the project Conoco and Norway’s Norsk Hydro ASA had owned part of a consortium that controlled the Shtockman field, but that deal fell apart. Both have expressed interest in reviving the project, the paper said.