The board of directors of Russia’s oil giant Rosneft went public with investment activities plan which determines the Far Eastern Federal District as a priority business. Deputy President for Economy and Finances Svyatoslav Slavinsky announced in his speech at the nationwide forum in Krasnoyarsk that Rosneft is going to invest 20 trillion rubles in its large-scale projects until 2050. 3 trillion rubles out of this amount will be allocated for a field development in East Siberia. “According to the flash estimates, the overall oil output will be yielding about 3.6 trillion rubles per year. Over 150,000 new jobs will be created. As a result of successful implementation of Rosneft projects in the Far Eastern Federal District, a composite effect will equal to over 7.4 trillion rubles until 2025. The projects will contribute to the budget over 9 trillion rubles until 2015,” Slavinsky unveiled Rosneft plans. To sum up, in case the project is funded on a regular basis and the oil fields in East Siberia are explored on the science-based approach, Rosneft expects to bring the oil output to 55 million tons annually by 2025. The oil giant is going to start off a multipurpose development of the Vankorsky cluster including several oil fields, such as Suzunsky, Tagulsky, and Lodochny fields. The integrated approach enables the company to make good use of the available infrastructure and save funds substantially. For reference, the commercial exploration of the Vankorsky cluster was launched in 2009. Though the most of facilities are still being under construction, this oil field is the main source which fills the oil pipeline linking Siberia to the Pacific Ocean. Vankor – Purpe oil pipeline is 556 km long. Interestingly, 2013 was a success for the oil corporation as hydrocarbon output surged by 80.3% to 4,873 million barrels per day. Besides, oil and liquid hydrocarbon output swelled by 72% to 4,196 million barrels per day. Meanwhile, Rosneft aims to raise the oil production by 4% in 2014. The same increase of the oil extraction on average is expected annually in the medium-term outlook.
