Natural resources
Deputy Energy Minister Alexei Teksler
© RIA Novosti. Iliya Pitalev

Russian Energy Ministry: intensive Arctic oil production to begin before 2025

Intensive oil production in the Arctic will begin before 2025, according to a TASS news agency report that quoted Deputy Energy Minister Alexei Teksler during the St. Petersburg International Economic Forum.

"We expect that in 20 years, in 2035, shelf production will reach 50 million barrels, as compared to 16 million now. The Arctic shelf will account for no less than 33 million barrels," Mr. Teksler said.

TASS reports that the Energy Ministry puts the price of Arctic oil within the $30-100 range, depending on production costs.