During the III Russian-Chinese Energy Business Forum, Vostok Oil (Rosneft Group Subsidiary) and a number of Chinese companies signed a cooperation agreement to conduct the study of the wind energy potential of Vostok Oil Project.
The study precedes the start of the work to design, construct and commission a wind energy center with the estimated capacity of 25-40 MW at the first stage. The parties will form relevant working groups to work out all necessary details of the study.
Vostok Oil’s low unit production costs and low carbon footprint, which is 75% lower than that of other major new oil projects worldwide, make it one of the most promising upstream oil projects in the world. Vostok Oil plans to use mainly associated petroleum gas and wind energy for its energy supply. According to experts, the potential of wind power generation in the north of the Krasnoyarsk Region is comparable to the opportunities of the northern territories of England and Denmark which are among the world leaders in the field of wind energy.
The resource base of Vostok Oil Project exceeds 6 billion tons of premium-quality sweet crude with a record low sulfur content of 0.01-0.04%. The high quality of raw materials minimizes the need to use dedicated sulfur units at refineries, which helps significantly reduce greenhouse gas emissions of the project.
It is planned that by 2030 the oil production at Vostok Oil will amount to about 100 million tons. Vostok Oil Project has a logistics advantage of supplying raw products from the fields in two directions at once, to European and Asian markets.
Vostok Oil Project includes 52 license areas with 13 oil and gas fields located within their boundaries, including Vankor, Suzun, Tagul, and Lodochnoe fields, and also new promising fields unique in reserves: Payakhskoe and Zapadno-Irkinskoye fields.
At the end of 2020, the major international trading company Trafigura acquired a 10-percent stake in the project. In November 2021, a consortium led by Vitol acquired a 5-percent stake in the project.
In 2020, Rosneft started full-scale development of the project’s fields. To implement it, in June 2021, the Company signed contracts totaling about 560 billion rubles for construction of priority facilities, power supply, aviation support, and provision of services, supply of equipment, materials, special equipment, and tubular products.