Russia Launches Massive Arctic Oil Project Vostok Oil
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Russia has begun shipping crude from its colossal Vostok Oil cluster in the Arctic, a project that could account for over 20% of Russia's oil output and pump more crude than the whole of Europe produces at peak capacity. Overseen by state-owned Rosneft, the project involves an entire industrial system around a new petroleum province, including dozens of fields, pipelines, a port, power infrastructure, and an ice-class tanker fleet. Despite Western sanctions and the withdrawal of Western partners in 2022, the project has moved forward with an estimated price tag of $157 billion. At full capacity, Vostok Oil could account for more than a fifth of Russia's oil production and pump more crude than is extracted from the entire European continent.
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