Russian Oil Giant Prepares Massive $157 Billion Arctic Oil Project

Rosneft is preparing to lead an Arctic oil field development project that will cost an estimated $157 billion (10 trillion rubles). Reuters quoted Russia’s Deputy Energy Minister Pavel Sorokin as announcing the price tag of the Vostok Oil project to media last week, adding that the Kremlin had already agreed on a tax relief package that would help with the Artic oil and gas push. The Vostok Oil project will include already producing fields as well as untapped ones, and Rosneft will develop them along with partner Independent Petroleum Company.…