Russia has launched its last major oil field, with reserves of approximately 51 billion barrels
Kyiv • UNN
The Russian Federation has begun exporting oil from Vostok Oil in the Arctic. Production is planned to increase to 1 million barrels per day by 2030.
Russia has begun commercial oil exports from Vostok Oil after several years of delays—the last project in the country with such a large resource base. The Moscow Times reports this, citing Reuters, according to UNN.
Details
Rosneft has begun loading four ice-class tankers at the Bukhta Sever terminal. The cluster combines more than 13 fields in Taimyr and Eastern Siberia, with reserves of approximately 51 billion barrels.
Vostok Oil’s potential was estimated at 2 million barrels per day—more than 20% of Russia’s current oil production. No other fields with such a resource base remain in the country.
Production is planned to increase
At the first stage, the project will export approximately 150,000 barrels per day. In the second half of 2027, this figure is planned to increase to 600,000, and by 2030—to 1 million barrels per day.
Oil prices fell to an 11-day low — what contributed21.09.26, 13:40 • 23465 views
The fields were discovered back in the Soviet era, but in the 1990s they were effectively mothballed. After the start of the full-scale war against Ukraine, BP, Trafigura, and Vitol withdrew from the project, delaying its launch by several years.
To implement Vostok Oil, the Russian authorities granted tax benefits worth 2.6 trillion rubles. Its Arctic location makes it possible to export oil to Asia via the Northern Sea Route.