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Excerpt from our Wall Street Breakfast, a one-page summary of the key market-moving and stock-moving stories of the day:

Gazprom Intends to Develop Huge Gas Field on Its Own [New York Times]

Summary: Russian gas monopoly Gazprom has ended talks with five Western oil companies seeking rights to the Shtokman gas field. The breakdown in talks highlights the growing rift between Russia's oil industry and the West, particularly with the U.S., who it blames for blocking its entry into the World Trade Organization. In recent months, the Russian government has been seen meddling in foreign gas companies operations in the country -- most notably with Exxon (NYSE:XOM) and Royal Dutch Shell (NYSE:RDS.A) Sakhalin 1 and 2 development projects, worth $17 and $20 billion respectively. Shtokman would have provided enough natural gas to supply the world for a full year, roughly 3.7 trillion cubic meters of gas and 31 million metric tons of gas condensate. Now with Russian offshore engineering technology in doubt, it could be several years before the world sees Shtokman's vast reserves.
Related links: Russian Government Muscling In on Anglo-Russian Gas Field VentureWorld's Biggest Emerging Market: RussiaGazprom Confirms Reports it will Develop Shtokman Field Without Foreign Partners

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Source: Gazprom Ends Talks With West, Highlighting Rift