Rosneft Completes Vostok Oil Roadshow Series for Suppliers & Contractors

Source: www.gulfoilandgas.com 11/9/2021, Location: Asia

Rosneft completed a series of road shows of the Vostok Oil project for foreign suppliers and contractors. As part of the events, the Company held 16 meetings with major work and service suppliers and engineering companies from 15 countries in Europe, Asia, and the Middle East. The meetings were also attended by representatives of embassies, relevant agencies and business associations.

In total, more than 760 people from 360 foreign organizations took part in the series of Vostok Oil roadshows. As a result of the meetings, the Company received about 60 cooperation proposals.

During the roadshow, top managers from the Company gave a general presentation on the Vostok Oil project and certain aspects of its implementation, including health, safety and environment, carbon management, sustainable development, as well as supplying material and technical resources to the project.

The low unit cost of production, as well as its low carbon footprint, which is 75% lower than that of other major new oil projects worldwide, make Vostok Oil one of the world's most promising upstream oil projects. Against the backdrop of a steadily growing global economy, the current lack of investment in the oil industry is leading to increased demand for energy and the need for new types of projects, which makes Vostok Oil particularly desirable.

The resource base of the project is over 6 billion tons of premium low-sulphur oil, with a record low sulphur content of 0.01-0.04%. The high quality of the feedstock minimises the need for separate sulphur processing units at the refinery, which also significantly reduces the project's greenhouse gas emissions. Vostok Oil plans to use mainly associated petroleum gas, as well as wind generation, for its energy supply.

By 2030, Vostok Oil is expected to produce around 100 million tons of oil. A logistical advantage of the Vostok Oil project is the ability to supply crude from the fields in two directions - to European and Asian markets at once.

Vostok Oil Project consists of 52 license areas with 13 oil and gas fields, including Vankorskoye, Suzunskoye, Tagulskoye, Lodochnoye oil fields and also new promising oil fields with unique reserves: Payakhskoye and Zapadno-Irkinskoye.

At the end of 2020, a 10% stake in the Vostok Oil project was acquired by Trafigura, a major international trader. In October, a consortium of companies led by Vitol acquired a 5% stake in the project.

The analyst community praises the prospects of the Vostok Oil project. Goldman Sachs has already dubbed it a "magnet for investors". According to the investment bank, "the net present value of the project could reach $75bn". In a BAML report published in 2020, analysts Karen Kostanyan and Ekaterina Smyk assigned Vostok Oil the status of a locomotive for Rosneft's development. With favourable market conditions and reduced risks, the value of the project could exceed $100 billion, the analysts said.


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