Russia starts oil exports from Vostok Oil project giant fields

Filed 1h ago · Via NV · The Buffoon Desk

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Four Beers' Polka

Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: Jason Krüger for Wikimedia · CC BY-SA 4.0 · via Wikimedia Commons

Russia has begun commercial oil exports from its Vostok Oil Arctic project, loading ice-class tankers at the Bukhta Sever terminal on the Taymyr Peninsula after years of delay. Rosneft's near-term shipments will run about 150,000 barrels a day, mostly from older Vankor cluster fields, far below the project's eventual 2 million barrel-a-day ambitions.

The company says exports should climb to 600,000 barrels a day by late 2027 and reach 1 million by 2030, once the Payakha fields come online. The Northern Sea Route gives faster access to Asian buyers than the Suez Canal, though ice-class vessels and icebreaker escorts add cost.

Vostok Oil combines 13 fields with reserves Rosneft pegs at 51 billion barrels, built on license areas the international partners Trafigura, Vitol, and Mercantile & Maritime abandoned after 2022. Deputy Prime Minister Alexander Novak says the oil will flow to Asia-Pacific buyers and 'the western direction.'

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

A project billed for years as Russia's answer to sanctions is shipping at a tenth of its final target and calling it a launch. That's the kind of arithmetic a fellow uses when he tells you the barn's almost finished and there's still no roof on it. Give it till 2030 before anyone checks whether the second million barrels ever shows up.

Source: Read the original at NV → Scored: Four Beers' Polka · Kevin MacLeod · CC BY 4.0

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