Russian Energy Minister Alexander Novak said that the Arctic is a future of Russia's oil and gas production.
"The Arctic shelf is a huge hydrocarbon reserve that possesses billions of tons of oil and tens of trillion cubic meters of gas," Sputnik cited the minister as saying.
Novak said that Russia intends to increase its oil extraction and exploration on the Arctic shelf if the oil prices on the international market grow.
According to him, the total value of energy resources concentrated in Russia's Arctic region exceeds $30 trillion.
