Russian state oil giant Rosneft is hoping tax concessions from Moscow will unleash billions of dollars in investment on a major new onshore development in the north of the Krasnoyarsk region in East Siberia.

The proposed Vostok Oil project, a joint venture between Rosneft and privately held Neftegazholding, is set to add a major, world-class oil province fo Russia, Rosneft deputy executive chairman Pavel Fyodorov said.

The joint venture intends to exploit the Paiyakhinskoye field, licensed to Neftegazholding, as well as Rosneft’s West Irkinsky and East Taymyr blocks.