Russia’s Arctic shelf oil production to reach 33mn tons by 2035
© RIA Novosti. Alexey Danichev

Russia’s Arctic shelf oil production to reach 33mn tons by 2035

Russia's Energy Ministry expects oil output from Russia's offshore deposits to reach 50 million metric tons by 2035, most of which, 33 million metric tons, would come from the Arctic shelf, Deputy Minister of Energy, Kirill Molodtsov, said at RAO/CIS Offshore 2015 forum, Rossiya Segodnya reports.

According to the Energy Ministry, offshore oil production in 2015 will be about 17 million metric tons, including 14 million in the Far East, 2 million from offshore deposits in the south of Russia, and 1 million in the Arctic. Arctic oil production is currently limited to the Prirazlomnoye oil field.

By 2020, offshore oil production in Russia is expected to reach 23 metric million tons with oil production in Russia's Far East stable at 14 million and 6 and 3 million metric tons from southern offshore deposits and the Arctic, respectively. By 2025, offshore oil production could reach 37 million metric tons, including 20 million in the Far East, 10 million in the Black, Caspian and Azov seas and 7 million in the Arctic, respectively.

The ministry expects offshore oil production to climb to 43 million metric tons by 2030 with the Arctic contributing as much as 22 million metric tons, while oil production in Russia's Far East would be equal to 18 million metric tons, and oil production in the south of Russia could total 3 million metric tons. 

By 2035, oil production is expected to increase to 33 million in the Arctic. It would amount to 15 million in the Far East and 2 million metric tons in the south of Russia.