The Russian oil company Rosneft has started building an Arctic oil terminal at the Bukhta Sever port, part of its Vostok oil project, aimed at facilitating development of the Northern Sea Route. The company intends to transship 30 Mt/year (600 kb/d) of oil via the port with a gradual increase to 100 Mt/year by 2030. The Bukhta Sever port is expected to become the largest oil terminal in the country with 102 reservoirs to be built by 2030.
The Vostok oil project comprises 52 license areas with 13 oil and gas fields located within their boundaries, including Vankor, Suzun, Tagul, and Lodochnoe fields. Its resource base exceeds 6 Gt of crude oil. Output at Vostok should amount to about 100 Mt/year by 2030. At the end of 2020, the commodity trading company Trafigura acquired a 10% stake in the project. Trafigura sold its stake in the project to Nord Axis (Hong Kong) in July 2022. In November 2021, a consortium led by Vitol, a Dutch energy trader, bought a 5% stake in the project. In 2021, Russia produced 523 Mt of crude oil and NGL (+2% compared to 2020). The country exported 228 Mt of oil (-3%).