A ambitious new Arctic oil project led by Russia’s top oil producer Rosneft will require about 10 trillion roubles ($157 billion) of investment, Russia’s deputy energy minister Pavel Sorokin told reporters, according to Reuters.

Vostok Oil, a joint project of Rosneft and Independent Petroleum Company (IPC), is set to include some oil fields that are already producing and others which have yet to start, including Rosneft’s Vankor group and IPC’s Payakhskoye field. Rosneft hopes that foreign investors will also invest in Vostok Oil, which it expects to produce up to 100 million tonnes of oil per year (2 million barrels per day), or a fifth of what Russia currently pumps.

IPC is led by Eduard Khudainatov, a former Rosneft chief executive and a close ally of Igor Sechin, who now runs Rosneft.