Rosneft Commences Oil Shipments From Vostok Oil Project In The Arctic
Russian oil producer Rosneft has started shipping crude from its Vostok Oil project in the Arctic, following a commissioning event attended by Russian President Vladimir Putin via video link. The first shipment was loaded onto an Arc7-class tanker at Bukhta Sever port using infrastructure specifically designed for harsh Arctic conditions. The Vostok Oil project combines several major oil and gas deposits in northern Krasnoyarsk Territory, with Rosneft estimating a resource base of seven billion tonnes (bt) of low-sulphur crude. The development includes over 2,000 wells drilled using Russian-made Arctic rigs capable of reaching depths up to 6,000 meters and a 790km pipeline system designed for annual throughput of up to 100 million tonnes per annum (mtpa). Rosneft expects output from the project to reach 50mt by 2030. The company has invested $46.53 billion in the development, with all equipment sourced domestically. The Vostok Oil field is expected to operate for around a century and could expand further through additional exploration.
Topics: Arctic drilling oil production Rosneft Vostok Oil project