«Problems of economics and management of oil and gas complex»

The significance of "Vostok Oil" project for the Russian economy and the future of the global energy markets

UDC: 911.3:33
DOI: 10.33285/1999-6942-2023-12(228)-9-21

Authors:

¹ Rosneft, Moscow, Russia

Keywords: world economy, world energy balance, demand for hydrocarbons, energy intensity, oil and gas industry, crude oil, technological progress, investment decisions, capital expenditures, multiplying effects, Russian economy, Rosneft, Northern Sea Route, "Vostok Oil"

Annotation:

The article explores the idea that there is a growth potential in the Russian economy and the energy industry which is significant not only in terms of domestic opportunities, but also from the point of view of the global economy and energy industry development. The article discusses the prerequisites and the logic of development of the idea of a large-scale hydrocarbon production project known as "Vostok Oil". The paper shows that strategic decisions taken in time largely determine the persistence and even the enhancement of Russia's role on the world energy markets despite the large-scale sanctions imposed by unfriendly countries. The paper also assesses the quantitative outcome of delivery of "Vostok Oil" project and demonstrates the significance of the project for the future of the world energy markets.

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