“Vostok Oil is the world’s only new project capable of meeting the growing demand for affordable energy resources amid underinvestment and the lack of meaningful sources of production growth in the near term, Chief Executive Officer of Rosneft Igor Sechin said.
“Having made a strategic decision to “pivot to the East,” Russia is consistently stepping up energy supplies to the Asia-Pacific region. With the development of the infrastructure, Russian oil exports to China and India exceeded 80 million tons in 2021. Vostok Oil will more than double oil deliveries to the growing Southeast Asian market, primarily to our partners in China and India, and will provide reliable and assured energy supplies to the growing economies of all Asian countries,” Igor Sechin said during a report at the Special session of the XV Verona Eurasian Economic Forum.
“We are committed to a mutually beneficial partnership along the entire supply chain, from production to the sale of fuel to end consumers. Vostok Oil will ensure long-term stability of the oil market and reduce price volatility, preventing energy prices from skyrocketing for no one’s benefit,” Rosneft CEO said.
He also noted that 2022 comprehensive geological exploration of the Vostok Oil project had confirmed a significant increase in oil reserves: the State Reserves Commission had approved the discovery of two new deposits with recoverable oil reserves of 101.4 million tonnes on the left bank of the Yenisey River at the Zapadno-Irkinskoye field.
According to Sechin, also on the right bank of the Yenisey River, Peschanaya 1 Well of Payakha field tested, before reservoir fracturing, a natural flow of water-free oil in the depth interval of about 3,300 m at the reservoir pressure of 600 Atm. “This significantly exceeds the prognosis and improves the efficiency of the Payakhskoye field development. Preparations for hydraulic fracturing and drilling of a production well cluster are underway. All of the above, together with the results of 3D seismic exploration in the Taymyr cluster, indicate a significant increase – some 300 million tonnes – in the resource base of the project from 6.2 to 6.5 billion tonnes,” Rosneft CEO said.
The construction of the Project’s primary facilities – the main oil transportation system – is proceeding as planned, with 25,000 piles installed and more than 100 km of pipe welded. The construction of a complex technological facility, an underwater crossing under the Yenisey River, has commenced. Rosneft continues to expand the port’s onshore and berth infrastructure and storage facilities, as well as the terminal at Bukhta Sever, which will become Russia’s largest oil terminal and provide transfer of over 100 million tonnes of oil per year from Vostok Oil’s fields along the Northern Sea Route.
More than 6.5 million cubic metres of earth has already been dredged, nine berths and five logistics bases have been prepared for receiving and unloading, accommodation facilities have been fitted out for 5,000 personnel, and relocation camps for 1,000 more personnel are in the final stages of construction. In the 2022-2023 season, up to 6,000 staff and up to 2,000 vehicles will be permanently employed.
During the summer navigation period of 2022, more than 600,000 tonnes of construction cargo and steelwork were transported, with 285,000 tonnes via the Northern Sea Route (more than 400 voyages were made).
“The implementation of the project continues as per the previously announced schedule. We look forward to seeing our friends, as participants in this project!” Igor Sechin said.