• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 22 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 days Energy Armageddon
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 14 hours "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 20 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 17 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 20 hours The Federal Reserve and Money...Aspects which are not widely known
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days Сryptocurrency predictions
  • 2 days Goldman Betting on Cryptocurrencies
  • 10 days Putin and Xi Bet on the Global South

Rosneft Gets Super-Icebreaker For Vostok Project

Russia’s Rosneft has inaugurated a new, nuclear-powered icebreaker to be used at its Vostok Oil project in eastern Siberia.

The 173-meter Ural recently completed its tests, the Barents Observer reports, and will soon head to Murmansk and the nuclear icebreaker base there. It will be used exclusively by Rosneft, according to a Rosatom executive.

There is a deficit of icebreakers for the Northern Sea Route, the same executive, Vladimir Arutiunian, told Russian media last month. He added that this year will see the launch of one new icebreaker—the Ural—with two more scheduled to be ready in 2024 and in 2026.

Vostok Oil, a mega-project in the Taymyr province in Russia’s Far North, comprises several groups of oil fields holding an estimated 44 billion barrels of oil. Initial work on the project began in January 2021. The resources are located close to the Northern Sea Route, which climate change has made navigable for a longer period every year.

The total cost of the Vostok Oil development has been estimated at $170 billion over the lifetime of the fields. The main market for the oil extracted from the fields there will be shipped to Asia, hence the focus on developing the Northern Sea Route.

Rosneft still has to line up the finance for the mega-project after Western partners pulled out after the invasion of Ukraine. Previously, commodity major Trafigura had bought a 10-percent stake in the project, and there were reports that Rosneft was in talks with Vitol, Gunvor, and Glencore, too.

Investors from India and China are now the alternative after talks with them stalled following the oil price collapse in 2020. Originally, first oil was scheduled to flow from Vostok in 2024, but Western sanctions will likely delay that as they feature bans on the export of oil technology and equipment to Russia.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on November 23 2022 said:
    The newly inaugurated nuclear-powered Icebreaker , the Ural, will be used exclusively by Russia’s oil giant Rosneft in its huge Vostok oil project in the Arctic estimated to hold 44 billion barrels of oil reserves. Two more new icebreakers are scheduled to be ready in 2024 and in 2026.

    The oil resources are located close to the Northern Sea Route (NSR), which climate change has made navigable for a longer period every year.

    China has already received its second Russian crude oil shipment via NSR dubbed ‘Arctic Silk Road’. The first was in 2019.

    The importance of this route for China is that first it addresses its energy security by bypassing both the geopolitically risky Hormuz Strait and the Strait of Malacca through which 80% of Chinese crude imports pass daily and second it cuts the journey time to china by half versus one from Russia&#039;s Baltic ports through the Suez Canal. This will revolutionize energy trade flows from Russia to Asia.

    Russian Minister of National Resources and Environment Dmitry Kobylkin was quoted saying that Russian oil shipments via the (NSR) would top 80 million tons or 1.61 million barrels a day (mbd) by 2024.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News