Natural resources
Medvedev: Russian Arctic has colossal prospects for oil and gas production
© RIA Novosti. Dmitry Astakhov

Medvedev: Russian Arctic has colossal prospects for oil and gas production

The Russian part of the Arctic has colossal prospects for oil and gas production, Prime Minister Dmitry Medvedev said during a meeting with head of Russia's largest private oil company, Lukoil, Vagit Alekperov, RIA Novosti reported.

"Indeed there are huge hydrocarbon reserves in the Arctic and we need to develop them all," the prime minister said.

Alekperov, in turn, noted that Lukoil pays "great attention to geological prospecting and exploration."

"Prospecting and exploration is a costly but necessary effort, because it is impossible to discover new deposits without it, to start producing hydrocarbons. But I would like to stress once again: the opportunities, reserves, and prospects of Russia's Arctic region are simply enormous," the Prime Minister added.