Igor Sechin Assessed the Potential of the Vostok Oil Project to Stabilize the Oil Market
The Vostok Oil project, in the context of a reduction in global investment in exploration and production, is capable of having a stabilizing effect on the entire hydrocarbon market, said the head of Rosneft, executive secretary of the Commission under the President of the Russian Federation on the strategy of development of the fuel and energy complex and environmental safety, Igor Sechin, during a speech at the Russian – Chinese Energy Business Forum in Beijing.
“Speaking about energy security in the long term, it is impossible not to note that Russia is one of the few countries whose priority is investment in new energy projects. Here I would like to mention the Vostok Oil project. In the context of a reduction in global investment in exploration and production this world’s largest new project in northern Siberia with a resource base of 6.5 billion tons of oil is almost the largest project in the world that can have a stabilizing effect on the hydrocarbon market as a whole,” he said.
Vostok Oil is the flagship project of Rosneft, located in Taimyr. It includes the already developed fields of the Vankor group and new fields in the north of the Krasnoyarsk Territory. The resource base of the project is estimated at 6.5 billion tons of liquid hydrocarbons.
