Gazprom Neft's exploration of the Russian Arctic shelf has shown that developing the shelf is likely to be profitable, the company reports.

"In recent years, Gazprom Neft and its subsidiaries have conducted ambitious research to prove the potential economic effectiveness of shelf projects realized by the company. The research confirms the likelihood of expanding commercial hydrocarbon reserves through continued Russian Arctic shelf prospecting. It also supports the possibility of effectively developing  shelf deposits," the message reads.

By now, over three million metric tons have been extracted at the Prirazlomnoye oil field.