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Energy Ministry expects gas production on Arctic shelf to grow to 34 bln cubic meters

Last year, more than 22.3 mln tonnes of oil and more than 32.9 bln cubic meters of gas were extracted on the shelf

ST. PETERSBURG, September 12. /TASS/. The Russian Energy Ministry expects an increase oil production on the Arctic shelf in 2017 to 26 mln tonnes from 22.3 mln tonnes, gas - to 34 bln cubic meters from 32.9 bln cubic meters, Deputy Minister Kirill Molodtsov said on Tuesday.

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

"Last year, we extracted more than 22.3 mln tonnes of oil on the shelf and more than 32.9 bln cubic meters of gas, which is almost 18% more than in 2015 for oil and almost 4% more for gas. We expect the results for this year to be about 26 mln tonnes for oil, 34 bln cubic meters - for gas," Molodtsov said.

He also noted that, despite the current situation in the oil market, the previously announced plans to achieve oil production on the Arctic shelf in the amount of 50 mln tonnes by 2035 are achievable.

Earlier, Molodtsov said that in general, production in the Arctic zone was expected at the level of 100-106 mln tonnes in 2017, which implies an increase in the range of 10% against last year.

Russia plans to invest up to 160 bln rulbes ($2.78 bln) in the development of the Arctic until 2025, Russian Prime Minister Dmitry Medvedev said earlier. The territorial development program includes three main directions - creation of the so-called support zones, further development of the Northern Sea Route and development of the continental shelf.

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