2 August 2012, 15:26

Russia ambitious about Arctic shelf development

Russia ambitious about Arctic shelf development

Russia’s Prime Minister Dmitry Medvedev said that Russia plans to develop its energy fields on the Arctic shelf to produce 66.2 million tons of oil and 230 billion cubic meters of gas by 2030.

“The Arctic shelf contains nearly the fourth part of the world’s energy resources, yet not all opportunities are used to use the most of these resources”, Mr. Medvedev said.

He added that the federal budget alone cannot ensure substantial funding of the project, and cooperation with private investors is required.

TASS

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