Image Credits: Rosneft Russia has shipped the first crude oil from its Vostok Oil project through the Arctic. The first batch was loaded onto the high-ice-class tanker Valentin Pikul at the newly built Sever Bay terminal in Russia’s Taimyr region. The opening ceremony at the terminal was broadcast on Russian state television. Another Arctic-class tanker, Akademik Gubkin, was anchored near the terminal and waiting to dock, Sechin told Russian President Vladimir Putin, who watched the ceremony from his office. The shipment starts crude exports from Vostok Oil, one of Russia’s biggest oil projects. The project is expected to increase the amount of oil moving through the Northern Sea Route as its production grows. Russia has promoted the Northern Sea Route as a shorter shipping link between Europe and Asia. The route runs along the country’s northern coast. Vostok Oil Targets 50 Million Tons by 2030 Sechin said Vostok Oil has a resource base of more than 7 billion tons of high-quality oil with low sulfur content. Russian Deputy Prime Minister Alexander Novak said the oil would be shipped to buyers in the Asia-Pacific region and in the western direction. Sechin said Vostok Oil is expected to supply 30 million metric tons of crude to the global market in the second half of next year. By 2030, deliveries are expected to reach 50 million tons a year, he said. That would be about 1 million barrels per day, or around 10% of Russia’s current oil production , according to Bloomberg calculations. Sechin said the project could eventually supply up to 100 million tons of crude a year if market demand and economic conditions support it. He said Vostok Oil could operate for hundreds of years, and potentially longer if exploration continues. Northern Sea Route Could See More Oil Cargo More Vostok Oil production could mean more tanker traffic on the Northern Sea Route. The route has faced several problems, including Western sanctions against Russia, harsh weather and ice conditions, a