A consortium of commodity traders Vitol SA and Mercantile & Maritime Energy Pte. Ltd. (75% Vitol, 25% MME) closed a deal to acquire a 5% stake in Vostok Oil LLC from Rosneft.
The Vostok Oil project comprises 52 license areas with 13 oil and gas fields, including Vankor, Suzun, Tagul, and Lodochnoe, Payakhskoe, and Zapadno-Irkinskoe.
Vostok Oil production—comprised largely of low sulphur crude—currently stands at 19 million tonnes/year, Vitol said in a release Oct. 14. Rosneft plans to increase production to over 100 million tpy by 2030. Reserves are estimated to be up to 6 billion tonnes.
Rosneft signed contracts in June 2021 to construct first-priority facilities, set up the power supply system, ensure aviation support, provide services, supply equipment, materials, special-purpose vehicles, tubular products for the project. The company also launched the construction of the North Bay Port Oil Terminal.
Earlier, at end 2020, Rosneft sold a 10% stake in the project to trading company Trafigura (OGJ Online, Nov. 18, 2020).