The Russian oil company Rosneft will begin supplying 30 million tons of oil annually from its Vostok Oil project in the second half of 2027, CEO Igor Sechin said.

According to Sechin, annual supplies are expected to rise to 50 million tons by 2030 and could eventually reach 100 million tons, depending on market demand and economic conditions. He said the project has been designed for a 100-year operating life, which could be extended several times through further exploration.

Vostok Oil, Rosneft’s flagship project in the Taimyr Peninsula, is being developed on instructions from President Vladimir Putin. The project encompasses 52 licensed areas in the Siberian Krasnoyarsk Region and the Yamal-Nenets Region, including 13 oil and gas fields. The project’s resource base is estimated at seven billion tons of oil.