novakRussia 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 on the International Arctic Forum "The Arctic - Territory of Dialogue" which takes place in Arkhangelsk, Russia, on March 29–30, 2017.

“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.

The ‘Arctic: Territory of Dialogue’ International Arctic Forum provides one of the key platforms for discussing the problems and prospects of the Arctic region at the global level. The event is held with direct support from the Government of the Russian Federation, and is designed to bring the global community together in the interests of securing the effective development of the Arctic and improving the lives of Arctic residents.