The world's largest listed oil producer, Russia's Rosneft (ROSN.RS), plans to invest $1.5 billion to survey the East Arctic shelf, deputy general director at Rosneft-Shelf-Far-East said Friday, Interfax news agency reported.

Oleg Sivousov also said investments in Far East and Arctic projects have so far totalled $46.4 billion, Interfax reported.

The Arctic is one of the few remaining places that can move the needle for oil giants in terms of production and reserves, but the technical challenges are formidable. At the end of January, Rosneft received licences for 12 plots of the Barents, Kara, Chukchi and Laptev seas.

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