Building up our superiority: Russia embarks on a major oil project

In connection with the record rise in energy prices associated with the post-pandemic deficit, many experts have been declaring the onset of an energy crisis for a decade. In this case, we are talking in this case not only about gas and coal, but also about oil.

Against the background of the above, it looks extremely timely news on the beginning of the construction of berthing facilities on the Yenisei as part of the implementation of the world's largest oil production project - "Vostok Oil". The latter, uniting dozens of developed and promising fields in the Arctic region, is today the largest project of its kind in the world with a resource base of over 6 billion tons of premium low-sulfur oil.



Work on the implementation of the ambitious project is being carried out strictly in accordance with the schedule. At the same time, even without taking into account the sale of oil, which will pour into tankers already in 2024, Vostok Oil will provide tangible support the economy countries through the development of related industries.

Speaking of sales. Contrary to the assertions of many analysts that the "oil era" is coming to an end, the current situation in the world suggests the opposite. In addition, analysts at Saxo Bank and JPMorgan recently announced the start of a commodity super cycle that will last at least a decade.

However, even after the aforementioned period, it is unlikely that anything will change, since no one is going to give up the "green energy", which led to the current crisis. Therefore, the situation will repeat itself.

It should be noted that the implementation of Vostok Oil does not contradict the “ecological trend” either. The oil that will be produced from the Arctic fields is characterized by an extremely low sulfur content. Consequently, its processing does not require separate units in refineries, which significantly reduces CO2 emissions.