"The investment needed to develop Caspian oil and gas resources is $100 billion," Sergei Ivanov said.
Nikolai Nikolayev, general director of LUKoil-Nizhnevolzhskneft, a subsidiary of Russia's largest independent crude producer, said earlier that the Russian sector of the shelf could produce up to 30 million metric tons (220 mln barrels) of oil, and 20 billion cubic meters of natural gas by 2020.
LUKoil has been operating on the Caspian since 1995 and has discovered new oil deposits in the region with 4 billion barrels of oil equivalent in reserves. The company has invested $350 million in the project.
Last year saw the discovery of the Filanovsky field with 215 million tons (1.6 billion bbl) of oil equivalent in approved reserves in C1-C2 categories, of which oil accounts for 90%.
Nikolayev said 50 sea platforms and over 100 supply vessels should be constructed to develop the new deposits that are to be commissioned in the coming years. Russian state-controlled Rosneft and Gazprom, as well as Kazakhstan's KazMunaiGaz are involved in development besides LUKoil.