Russia plans to invest between $400 billion and $600 billion for the development of energy resources in the North Pole over the next 20 years, according to the country’s Energy Minister Alexander Novak on Wednesday.

“Investors from China and some other countries are very interested in these projects,” Novak said during the Arctic – Territory of Dialogue forum in Russia’s north western city of Arkhangelsk. He added that the North Pole has huge energy resource potential.

Russia produces 93 million tons of oil in the Arctic annually, Novak said, adding “we aim to increase oil production from the North Pole to 22 percent of Russia’s total oil production by 2035.”

Russia’s daily oil production in 2014 was 309,000 barrels of oil from the Arkhangelsk region, according to the U.S. Energy Information Administration.

Novak disclosed that oil prices should be in the range between $70 and $100 per barrel to produce profitable oil from the Arctic.

According to the International Energy Agency, the North Pole has 13 percent of the world’s total unexplored oil reserves and 30 percent of natural gas reserves.

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