2021 June 4
Construction work is now underway on one of Russia’s largest oil projects, with total investment estimated to be as high as €140 billion.
The Vostok oil project, being developed by the state-owned oil producer Rosneft, is expected to see the production of up to 60,000 barrels per day (bpd) by 2025, with up to 2 million bpd anticipated by 2030.
The development now underway at Sever Port Bay will incorporate the construction of Russia’s largest Arctic oil terminal, on the Taymyr peninsula on the Kara Sea coast.
Rosneft says the development of highways, two airports, 15 villages and electricity plants, as well as building 6,500 wells, will also be undertaken as part of the project.
From an offshore perspective, some 770km of pipeline will be laid to deliver the oil to the terminal from up to 15 Vostok oil fields in northern Siberia.
Initially, within the Sever Port Bay development, a temporary service harbour is being built, from which construction materials will be unloaded from ships.
According to The Barents Observer, engineers will soon start hydrotechnical works in the nearby waters and construction of port installations on the shore.
Rosneft has ordered the construction of 10 ice-class tankers, which will have specially strengthened hulls, allowing them to break through the thick Arctic ice.
Following phase one of construction, the port’s waterfront will measure 1,276m in length and have capacity to handle up to 30 million tonnes of oil per year. By 2030, the capacity will have been increased to more than 100 million tonnes annually.
With 400,000 workers expected to be employed during the development of the project, the Vostok development represents one of the largest oil project investments in Russian history.