Russia to Ramp Up Oil Output in Arctic to 26% in 20 Years – Energy Minister

Russia plans to increase its share of oil extraction in the Arctic region from its current 17 percent to 26 percent of the country's total oil production by 2037, Russian Energy Minister Alexander Novak said Thursday.

MOSCOW (Sputnik) — In the Arctic, Russia extracts around 80 percent of its total natural gas production, the minister added.

"Currently, we are producing about 17 percent of our total oil production in the Arctic. In 20 years, in accordance with our strategic plans this share will increase to as much as 26 percent," Novak said in an interview with the CNBC news broadcaster.

According to the Russian Ministry of Natural Resources, the total value of energy resources concentrated in Russia's Arctic region exceeds $30 trillion. Ministerial experts predict that in the future, Russian oil and gas production will be mainly concentrated in the Arctic sea shelves.