MOSCOW (Sputnik) – Russia has increased oil extraction in the Arctic region by more than 20 percent in the first half of 2017 in comparison to the same period last year, with the total output amounting to 13.6 million tonnes, Russian Deputy Energy Minister Kirill Molodtsov said Thursday.
“The growth in oil production in the [Arctic] shelf has increased by over 20 percent, according to the results of the first six months … We have extracted 13.6 million tonnes over the period of six months, while last year we extracted 11 tonnes,”
Molodtsov said at the press conference devoted to the state and prospects of oil and gas production at the Russian continental shelf.
The Arctic shelf is a huge hydrocarbon reserve that possesses billions of tons of oil and tens of trillion cubic meters of gas.
According to Russia’s 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.