Ministry of Energy Expects Hydrocarbons Extraction on the Russian Arctic Shelf to Grow

26 million tonnes of oil and 34 billion cubic metres of gas will be extracted on the Arctic shelf in 2017. These are the forecasts reported by Kirill Molodtsov, Deputy Minister of Energy of the Russian Federation, who expects extraction of hydrocarbons to grow by 17% for oil and by 4% for gas year on year. “Last year, we extracted more than 22.3 million tonnes of oil and more than 32.9 billion cubic metres of gas on the shelf”, the Deputy Head of the energy authority said.

According to Molodtsov, it is the development of domestic technology that is going to facilitate the increase in shelf oil and gas extraction indicators. “Creation of breakthrough technologies will help reduce costs at all stages: from geological exploration to extraction and transport of hydrocarbons”, Kirill Molodtsov pointed out.

A separate panel discussion at the Russian Energy Week “Arctic Shelf: New Hydrocarbons Extraction Centre and Innovation Technology Driver” will be dedicated to the region’s development in the context of the fuel and energy industry. The key issues to be discussed include technologies for Arctic shelf exploration, nature conservation requirements and shelf extraction profitability.

The forum programme is available here.