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Russia to increase Arctic oil production to 100-106 mln tonnes in 2017

Natural gas production will be at the last-year level plus 3-4%, Deputy Energy Minister Kirill Molodtsov said

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Russian energy minister pegs oil price at $70-100 as profitable for Arctic production

MOSCOW, August 24. /TASS/. Russia will produce about 106 mln tonnes in its Arctic area in 2017, Deputy Energy Minister Kirill Molodtsov said at a press conference in TASS on Thursday.

"We have an increment of 23% in offshore oil production in six months; we expect adding at least 10% in the Arctic area. We produced 13.6 mln tonnes offshore in six months, while 11 mln tonnes were produced in the like period of the last year. 92 mln tonnes [were produced] in the Arctic area last year. We will produce about 100-106 mln [tonnes] this year. Natural gas production will be at the last-year level plus 3-4%," the official said.

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Oil & Gas Arctic

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