Russian state-controlled giant Rosneft has pressed the federal government to allow a joint venture to develop several large blocks onshore East Siberia, claiming investments in the project could run into the multiple billions of dollars.

During a meeting last week with President Vladimir Putin, Rosneft chief executive Sechin spelled out plans for the proposed Vostok Oil project.

The project would be managed by the company Vostok Oil, which is a joint venture with privately held investor Neftegazholding.