“Since the potential is large, the amount of investment that will be spend within the next 20 years totals about $400-600 billion, which is needed for projects implementation,” Russian Minister said.
In addition, Alexander Novak highly appreciated the prospects of development of energy industry in the Arctic.
“Energy development on the Arctic shelf is a strategic goal, because oil and gas production center is shifting to the Arctic regions as traditional fields in the Khanty-Mansiysk autonomous district deplete”, — he stressed.