Minister: Russia to increase share of Arctic-produced oil to 26% in 20 years

Russia plans to increase the share of its oil produced at fields in the Arctic from the current 17% to 26% within 20 years, Russian Minister of Energy Alexander Novak said.

“At present, we produce roughly 17% of our total volume of oil production in the Arctic. We plan to increase this proportion to 26% within 20 years”, he told CNBC in an interview.

Novak also noted that Russia produces roughly 80% of its total natural gas in the Arctic.