In 2014, Russia's oil production totaled 526.6 million tons, with the Russian Energy Ministry expecting the same output in 2015.
"Up until 2035 Russia should have enough conventional oil reserves to maintain the current level of oil output, while the net cost of it will be lower than in the event of introducing unconventional oil reserves," Drebentsov said at the Gaidar business forum in Moscow.
Following the reunification of Crimea with Russia and the escalation of the Ukrainian crisis, the United States, the European Union and some other Western nations imposed several rounds of sanctions on Russia, targeting the country's energy industry, as well as defense and finance sectors and certain individuals.
The restrictive measures prohibit Western companies from providing resource extraction technologies and services to Russian energy giants conducting deep-water, shale and Arctic exploration. The United States also limited access to its capital market.