Russia’s state-owned energy giant Rosneft has appointed a new head to lead its flagship Vostok Oil project. Andrei Lazeyev, the former boss of Rosneft’s refining unit Bashneft, will take over the management of the ambitious project, replacing Vladimir Chernov.
The Vostok Oil project is expected to produce up to 2 million barrels per day (bpd) by 2030, with the majority of the output destined for export to Asia. This would make it one of the largest oil projects in Russia, potentially rivaling the production levels of the Samotlor oilfield in West Siberia during the 1970s and 1980s.
The change in leadership is aimed at accelerating the development of the project, as some analysts have expressed doubts about Rosneft’s ability to meet its production targets, citing potential delays due to the OPEC+ oil supply cuts.
Lazeyev, who has experience working at the Russo-British oil producer TNK-BP, joined Rosneft in 2013 after the company acquired TNK-BP. He has since risen through the ranks, joining Rosneft’s management board in 2022 and taking the top job at Bashneft.
The Vostok Oil project has faced its share of challenges, including the departure of global commodity traders Trafigura, Vitol, and Mercantile after Russia’s invasion of Ukraine in 2022. Rosneft has also been in talks with Chinese, Indian, and Japanese companies about potential involvement in the project, but no agreements have been reached so far.
Despite the obstacles, Rosneft remains committed to the Vostok Oil project, which is set to play a significant role in the company’s future production plans. The project’s loading terminal, Bukhta Sever, located in the Yenisei Bay on the Taymyr Peninsula, is expected to handle 600,000 bpd when completed this year, accounting for around 15% of Russia’s total oil exports.