The area in northwest Siberia is a priority for natural gas development, said Russian Industry and Energy Minister Viktor Khristenko.
"Dutch companies have offered their expertise to develop Yamal and offshore fields in the Kara Sea (Arctic Ocean)," Khristenko said.
According to RIA Novosti, Khristenko was referring to "a very interesting proposal" by Royal Dutch Shell, Gasunie, Essent and GasTerra, which are offering Russia the use of their technology to produce, transport and refine natural and liquefied gas.
"Investment in Yamal has been estimated at $160 billion," Khristenko said.
He expected some kind of deal to be in place within a year. A Russian-Dutch working group is looking at the proposals and joint ventures.
Proven reserves in the Yamal area are estimated at 10.4 trillion cubic meters of natural gas and 291.8 million metric tons of oil.