Gazprom advances on Shtokman; analysts warn of delay

* First equipment delivered for Shtokman

* Analysts say meeting launch deadline will be tough

By Denis Pinchuk

VYBORG, Russia, July 10 (Reuters) - Gazprom (GAZP.MM) this week took delivery of the first equipment for its Shtokman gas field in the Russian Arctic, but analysts say the company faces a huge challenge to launch the $20 billion-plus project on time.

Reduced demand in the United States, the planned destination for half of Shtokman's gas, could persuade Gazprom and partners to delay the start of the technically challenging project beyond 2013, especially given the economic slowdown, analysts said.

Mikhail Korchemkin, director of East European Gas Analysis, said he believes the launch could even be delayed by a decade.

"A year ago, (Gazprom Chief Executive Alexei) Miller forecast an oil price of $250 a barrel in 2009. I fear the Shtokman project was based on those sorts of prices," he said.

Shtokman, with reserves totalling 3.8 trillion cubic metres, is one of the largest gas fields in the world. Its first stage alone will demand investment of about $22 billion from Gazprom and its partners, StatoilHydro (STL.OL) and Total (TOTF.PA).