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Oil production at Vostok Oil to reach 115 mln tonnes by 2030, says Rosneft CEO

The comprehensive program of geological exploration activities is being successfully implemented, Igor Sechin said

ST. PETERSBURG, June 18. /TASS/. Oil production at Rosneft’s Vostok Oil project will be growing gradually and may total 115 mln tonnes by 2030, Chief Executive Officer of Russia’s oil major Igor Sechin said at the St. Petersburg International Economic Forum, adding that the company expects an increase in the project’s reserves by 100 mln tonnes after geological exploration at Yenisei.

"The comprehensive program of geological exploration activities is being successfully implemented. For example, oil was received on left bank of the Yenisey River when testing two exploratory wells, with an increase of around 100 mln tonnes of oil reserves expected. Overall, the results of geological exploration exceed projections multi-fold, which makes it safe to firmly plan high levels of production for decades to come, gradually reaching the volume of up to 115 mln tonnes of oil in 2033," he said.

"Amid a decrease in investments in the development of the oil and gas sector Vostok Oil is the only project globally able to have a stabilizing effect on the market of hydrocarbons," Sechin noted, adding that he considers Russia to be "the Noah's ark" for the global economy considering the country’s energy potential and such projects as Vostok Oil.

The St. Petersburg International Economic Forum organized by the Roscongress Foundation is running from June 15 to 18. This year’s forum is dubbed: ‘New Opportunities in a New World’. TASS serves as the event’s official photo hosting agency and the information partner.

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