According to the Ministry of Natural Resources and Environment, Russia's Arctic shelf oil production is only profitable at a price of $52-$81 per barrel, Deputy Minister of Natural Resources and Environment Denis Khramov said at the Sakhalin Oil and Gas Conference.

According to Khramov, a total of 287 oil wells were drilled on the Russian shelf, including 89 oil wells in the Arctic, the Rossiya Segodnya news agency reports.

Mr. Khramov also said that in 2015 the Ministry of Natural Resources and Environment satisfied Rosneft's requests to postpone eight Arctic shelf licenses and five Gazprom licenses.