I track the various oil plays around the world at the sidebar at the right.
Add another one: Vostok Oil.
- the field: Payyakhskoye field (we will track it as Vostov, for now)
- Russia's far north
- massive oil project proposed
- $180 billion project
- could account for as much as 2% of daily global output
- max production possibly by end of decade
- depends on western technology to get best results
- right now, western companies are steering clear due to sanction (Putin's War)
- reminder: Russia's economy is small than Italy's
- from the linked article:
Vostok Oil has been the Kremlin’s big hope to boost production. A cluster of fields near Russia’s Arctic coast in the central region of Krasnoyarsk Krai, the project is important to Russian President Vladimir Putin, who wants to improve infrastructure in the remote region and develop the Northern Sea shipping route to Asian markets.
The project would deliver a highly desirable grade of light crude that is easier to refine and would compete with some U.S. and Middle Eastern grades. Russia’s flagship Urals blend typically has a higher sulfur content, which makes it more technically challenging for refiners to handle.
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