Rosneft Starts Exploration Drilling at Vostok Oil Project in Arctic

Rosneft has initiated drilling of exploration wells as part of the Vostok Oil project in Arctic Russia, Chief Executive Officer of the Russian oil major Igor Sechin said at the meeting with President Vladimir Putin, TASS reported.

“One of promising greenfield projects, which will also give new volumes to the market after its stabilization, as we expect, is the Vostok Oil project, where we have started exploration drilling,” Sechin said.

According to Rosneft, the expected economic effect is the tenfold return from each invested ruble. Implementation of the project will also provide a 2% increase of GDP annually.

Fifteen field camps, three airfields and two marine terminals will be created within the project framework. The project may involve about 100,000 jobs.

Vostok Oil, Inter RAO and Taimyrneftegaz signed an agreement stipulating construction of gas-fired power plants and power grid assets for power supply to a group of oil and gas fields of the Vostok Oil project, Inter RAO and Rosneft said in a joint statement.

“Inter RAO will organize development of power supply diagrams for the Vostok Oil project, engineering, equipment procurement and energy infrastructure construction within the agreement framework,” the statement reads.

As part of the cooperation, Inter RAO plans to install domestic generating turbines at power plants. Installation of turbines produced by the Russian Gas Turbines, Inter RAO’s joint venture with General Electric (GE), is one of options but other options are also considered, a spokesperson for the generating company noted.

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