Natural resources
Arctic shelf oil production to increase 16.6 percent to 26 million tons in 2017
© RIA Novosti. Alexei Danichev

Arctic shelf oil production to increase 16.6 percent to 26 million tons in 2017

The Russian Energy Ministry expects oil production on the Arctic shelf to grow from 22.3 million tons to 26 million tons, and gas production to 34 billion cubic meters this year, Kirill Molodtsov, Deputy Energy Minister said at the International Conference and Exhibition for Oil and Gas Resources Development of the Russian Arctic and Continental Shelf (RAO/CIS Offshore 2017).

"Last year we produced over 22.3 million tons of oil and over 32.9 billion cubic meters of gas on the shelf, which is almost 18 percent more oil and 4 percent more gas than in 2015. We are expecting the same results this year. Oil production will be about 26 million tons, and gas production about 34 billion cubic meters," TASS quotes Molodtsov as saying.

According to the agency, Molodtsov believes that the plan to produce 50 million tons of oil by 2035 on the Arctic shelf can be accomplished despite the current situation on the oil market.

Earlier, Molodtsov said, that in general, production in the Arctic zone (including the mainland — ed.) is expected to be about 100-106 million tons this year, which would be an increase of approximately 10 percent over last year.