Natural resources
Energy Ministry says Arctic oil extraction profitable at current prices
© RIA Novosti. Alexey Filippov

Energy Ministry says Arctic oil extraction profitable at current prices

The development of Arctic oil fields is profitable at current oil prices, the Arctic-Info news agency reports, referencing a senior Russian Energy Ministry official.

"We believe it's possible to continue Arctic exploration and development at the current prices," the agency quotes Deputy Energy Ministry Kirill Molodtsov as saying.

Virtually all Arctic extraction zones have received preferential support from the government, he added.

"We are now looking at projects with the closest access. Most of them are in the Okhotsk and Far Eastern zones. If the current oil prices are maintained, and we hope that they will stand at $60-$65, we won't make any significant changes to our plans for the time being," the deputy minister said.

He said he saw few risks over the next ten years that might seriously affect these plans.