Oil reserves in the Russian part of the Arctic shelf are estimated at 100 billion metric tons, Minister of Energy Alexander Novak said at the St. Petersburg International Economic Forum, the Arctic-Info Agency reported.

"Today, the Arctic is the only region with huge oil resources," he said.

According to him, the Arctic will be the next center of the Russian oil and gas industry after the Caucasus, the Volga Region and Siberia. Novak said that the main task is to carry out exploration work.

Talking about the cost of oil production in the Arctic, the minister noted that real development of the region will begin in 15-20 years, when the situation will be completely different.