Russia has begun exporting oil from the large-scale Arctic project Vostok Oil
After several years of delays, Russia has begun commercial oil exports from the large-scale Arctic project “Vostok Oil.” The project is set to become one of Moscow’s biggest efforts to boost oil production since the collapse of the Soviet Union.
According to media reports, the Russian company Rosneft began loading ice-class tankers at the “Bukhta Sever” terminal on the Taymyr Peninsula in September.
The “Vostok Oil” project encompasses more than 13 fields in Taymyr and Eastern Siberia. According to Rosneft’s estimates, their reserves total approximately 51 billion barrels of oil. The project’s potential capacity was previously estimated at 2 million barrels per day.
In the first phase, actual production and export volumes will be significantly lower. According to the publication’s sources, shipments from the oil sector in 2026 could total about 150,000 barrels per day, or 500,000–700,000 metric tons per month.
Rosneft plans to increase exports to 600,000 barrels per day—or approximately 30 million metric tons per year—in the second half of 2027. By 2030, the company expects to reach a level of about 1 million barrels per day.
The first tankers to load oil from the terminal were the ice-class tankers Akademik Gubkin and Valentin Pikul. Two more vessels—the Vladimir Monomakh and the Vladimir Vinogradov—were awaiting loading.
The Vostok Oil project was unveiled in 2019 as Rosneft’s flagship project. Initially, the plan was to bring in foreign partners, but after Russia’s full-scale invasion of Ukraine and the imposition of Western sanctions, foreign companies withdrew from the project.
Among the companies previously associated with “Vostok Oil” were BP, Trafigura, and Vitol. After their withdrawal, Rosneft had to rely largely on its own resources.
A key feature of the project is the ability to export oil to Asian markets via the Northern Sea Route. The “Bukhta Sever” terminal is located in the Russian Arctic, and ice-class vessels are used to transport oil along this route.
The launch of “Vostok Oil” comes amid challenges facing the Russian oil industry and a decline in production. Moscow hopes that this new large-scale project will help maintain production levels and increase oil exports, primarily to Asian countries.
As a reminder, Rosneft shipped the first oil from the “Vostok Oil” project in Russia.
Later, Rosneft announced the launch of the Arctic Vostok Oil project.
Prior to that, Rosneft filed a new lawsuit against Germany over assets in Schwedt.
