Russia Unleashes Vostok Oil, a $20B Arctic Project with 51B Barrel Reserve

Russia has launched its Vostok Oil project, a massive oil field in the Arctic region with an estimated reserve of approximately 51 billion barrels.

The project, which was delayed by several years due to the withdrawal of foreign partners BP, Trafigura, and Vitol following Russia's invasion of Ukraine, is expected to produce 150,000 barrels per day initially. This figure is set to increase to 600,000 barrels per day in the second half of 2027 and reach 1 million barrels per day by 2030.

The project's commercial oil exports have begun at the Bukhta Sever terminal, with four ice-class tankers being loaded with the first shipments. The Russian authorities granted tax benefits worth 2.6 trillion rubles to implement Vostok Oil, making it possible to export oil to Asia via the Northern Sea Route.