Dkorkovich said investments in the oil industry in eastern Russia are expected to grow by more than $1 trillion.
"Oil production and supplies will grow in the eastern region of the country," he said. "The part of the eastern direction in the total exports of oil and petroleum products will increase from 12 percent to 23 percent."
Russia is one of the world's leading oil producers, producing more than 10 million barrels of oil per day on average. Most of the country's oil fields are in the western region of Siberia.
When combined with gas exports, oil accounts for about 10 percent of the Russian gross domestic product.
2014: NFL Cheerleaders [PHOTOS]
EIA: Russia diversifying energy production