Russian companies will be able to explore new oil and gas fields and extract hydrocarbons on the Arctic shelf no sooner than 2035, according to President of the Union of Oil and Gas Producers of Russia Gennady Shmal.

"I believe that with the Arctic shelf, it will be only after 2035. Today we are not yet ready: there is no technology, equipment, legislative documents; what have we to go on? Equipment is the main thing; we need it to be very reliable," the expert told RIA Novosti on the sidelines of the 6^th Future Leaders Forum of the World Petroleum Council.

According to Gennady Shmal, Russia does not invest enough in research. "There will be no technologies without it," he concluded. In addition, the expert believes it is necessary to explore the shelf.

Gazprom Oil's Prirazlomnoye field is now the only field on the Russian Arctic shelf where hydrocarbons are extracted. Its industrial exploration began in December 2013.