"Current work on the Arctic shelf is little dependent on oil prices, because the main objective within the next few years is exploration works, drilling exploratory wells, prospecting boreholes and appraisal wells. These works can be carried out at any oil price," Novak said, in an interview with Rossiya-24 TV.
Novak also stated that over the next decade Arctic projects will be evaluated in an ongoing feasibility study.
His remarks came amid a period of active economic exploration by Russia of its northern territories, including oil and gas extraction in the Arctic, a region with large fuel reserves.
The price of a barrel of Brent crude, which peaked at about $115 in summer 2014, currently hovers around $60.