After reaching its full capacity, the project is set to produce 50 to 100 million tons of oil per year.
Although project implementation requires trillions of roubles, it's expected to become a highly lucrative enterprise according to projections.
The idea to start the Vostok Oil project was proposed in 2019 by the CEO of Rosneft, Igor Sechin.
The project is meant to nominally unite the largest oil and gas fields located in the north of Krasnoyarsk Territory and create a unified infrastructure for their development and for oil transportation.
Vostok Oil includes oil and gas fields of the Vankor cluster:
- West-Irkinsky site
According to project plans, all of them are set to produce up to 100 million tons of oil per year.
The Vankor cluster is the world leader in terms of technologies used in the fields.
It's not an exaggeration: a number of technologies used in the Vankor had previously never been used anywhere in the world.
The project is expected to create 400,000 jobs and involve building 15 new industrial towns and 800 km of new pipelines.
Massive infrastructure requires massive investment.
The total cost of its development has been estimated at $170 billion over the lifetime of the fields.
But despite such colossal costs, experts believe that the project will still be lucrative and oil prices will actually remain quite reasonable, at $35–40 per barrel.