SKU: 205529
Author: Wood Mackenzie

Insight 21 July 2025

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Report summary

Since late 2020, Rosneft has made key initial progress on Russia’s Vostok Oil megaproject – currently the biggest onshore oil development in the world. This will open up the Taimyr peninsula, one of the last major untapped oil provinces. Vostok Oil will shape the future of Rosneft and Russia’s oil industry. This giant project is one you need to know about – from its tens of billions of barrels of resources to deals for equity stakes with traders and then exits following the invasion of Ukraine. In 10-15 years time, Vostok Oil could be producing 2% of the world’s oil and 15% of Russia’s supply. Its high-quality blend will become a new premium Russian benchmark. Oil will be exported year-round via the Northern Sea Route. We evaluate Vostok Oil from all angles.

Executive summary
- A massive upstream project
- Vostok Oil: project description
- Investment programme totals almost US$100 billion
- Fiscal incentives are critical
- High-quality crude attracts a price premium
- Resilience to long-term low oil prices
- Reserve upgrades could significantly increase value
- What are the risks?
- 2 more item(s)...