Russian Arctic produces 93 million tons of oil a year
© The International Arctic Forum

Russian Arctic produces 93 million tons of oil a year

Russia annually produces 93 million tons of oil in the Arctic, Energy Minister Alexander Novak said during the session at the international Arctic forum, The Arctic: Territory of Dialogue.

"Today, Russia produces almost 100 million tons, to be exact, 93 million tons of oil in the Arctic zone — 17% of the total. This figure grows every year; five years ago it was 13% of our production level," Novak said.

At the same time, the bulk of oil is extracted in the Yamal-Nenets Autonomous Area.

"The Yamal-Nenets Autonomous Area accounts for 90% of production. Here, natural gas production totaled 519 billion cubic meters in 2016," the minister added.

He cited some figures on recoverable resources.

"The total volume of recoverable resources is 286 billion tons of oil equivalent, or 60% of Russia's total resources. <…> As far as recoverable reserves are concerned, the figures are smaller here: 7.3 billion tons of oil, about 22% of Russia's total, and 46 trillion cubic meters of gas of the total of 73 trillion, which are considered Russia's recoverable reserves.

The Arctic: Territory of Dialogue International Arctic Forum was held in Arkhangelsk on March 29-30, 2017. This year's main theme is People in the Arctic. The forum aims to bring together international organizations, government agencies and scientific and business communities from Russia and other countries to coordinate policies on developing international cooperation, consolidate efforts to ensure the stable development of the Arctic and to improve the living standards of the Arctic population.

President of the Russian Federation Vladimir Putin and Deputy Prime Minister Dmitry Rogozin attended this year's event.