Rosneft, the Russian integrated energy company headquartered in Moscow,  has started production drilling at the Payakhskoye field on the Taimyr Peninsula. The Russian conglomorate plans to drill about 80 wells there by the end of this year.

The Vostok Oil strategic project by Rosneft includes the Payakhskoye field. Its licence fund consists of 52 subsurface plots, 13 of which have been found to contain fields; four of these have already been developed utilising world-class technology. The 6.2 billion tonnes of oil in the project's resource base have been verified by in-depth exploration work, in-depth studies from top-notch experts, and international auditors.

The Samotlor field in the Khanty-Mansi Autonomous Region, another storied Russian field, is equivalent to these resources, as are the major oil provinces in the Middle East or the US shale formations (7.1 billion tonnes).

The development of the Samotlor field permitted the Soviet Union to become one of the leaders in the international hydrocarbon market. But the era of this West Siberian oil province is coming to an end, while the era of the Taimyr is just beginning. As per Rosneft's plan, production at the project will reach 115 million tonnes by 2033.

Vostok Oil is the only project that can have a stabilising impact on hydrocarbon markets given the drop in investment in oil and gas that the world has seen over the past several years.

US gasoline inventories rise, oil price continues to decline

Israel to slash USD176 mn from Palestinian tax revenues

RCEP deepens industrial chain cooperation between China ASEAN