Extraction in the Arctic will grow. Extractive fields of Yamal will make their contribution

Russia will reach peak values on amounts of oil production in the Arctic zone in the 2020-ies.

This forecast was presented by the director general of the State Commission on Mineral Reserves Igor Shpurov at the plenary session “Integrated Development of the Russian Arctic: Challenges and solutions” of the International Arctic Summit in Saint Petersburg. In his presentation it is said that, according to the data for 2017, about 76 million tonnes of oil were extracted in the Arctic, as TASS reports. It is expected that production amounts will continue to grow till 2026, having reached the value 122 million tonnes per year. As Igor Shpurov adds, it will happen due to increase in production amounts in Messoyakha field of “Gazprom Neft”, on the Prirazlomnaya platform on the Arctic shelf and also owing to other projects. According to him, about 24 percent of the total oil reserves were explored and are being developed in the Arctic now. Thus, there are still 76 percent of oil reserves that can be developed in the future, as Igor Shpurov says. At the same time, the share of profitable oil and gas reserves on the shelf in Russia’s Arctic zone is about 8 percent, and state support is necessary to increase it. Potential oil and gas resources in the Arctic are now estimated in 525 milliard barrels in oil equivalent, including 99 milliard discovered and 426 milliard still unexplored. The Russian territory accounts for 60 percent of hydrocarbon raw materials in the Arctic.