Russia has begun commercial oil exports from Rosneft's Vostok Oil, its vast Arctic development that Moscow is counting on to lift crude production following years of delays and sanctions.The launch comes as
Russia has begun commercial oil exports from Rosneft's Vostok Oil, its vast Arctic development that Moscow is counting on to lift crude production following years of delays and sanctions.
The launch comes as Russia looks for new sources of production growth after the US shale boom helped propel the US past Russia to become the world's largest crude producer.
State-controlled Rosneft started loading crude in September onto specialised ice-class tankers at its newly built Bukhta Sever terminal on the Taimyr Peninsula, marking the operational debut of a project once billed as capable of producing up to 2 million barrels per day, or around 2% of global oil supply.
For now the exports remain far below those ambitions. Two industry sources expect exports to average about 150,000 bpd this year, with volumes largely supplied from Rosneft's mature Vankor fields.
"Amid growing volatility, the development of the Vostok Oil project will help stabilise global energy markets", Rosneft said, responding to a Reuters request for comment. The company added that the project is being developed in line with "shareholder-approved development strategy".
"As for the quality of the oil supplied by the company, it fully satisfies our customers", Rosneft said.
As development of the
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