Abstract
It was 2008 when the study of US Geological Survey pointed out that the Arctic region is blessed with huge oil and gas potential. Now the energy industries especially in Russia have been tackling Arctic oil and gas development and have so far accomplished a number of results, i.e. the first oil production at the Prirazlomnoye offshore oil field in the Pechora Sea, the first LNG project at the northeast Yamal Peninsula, which will start production late 2017, and the first oil discovery in the Kara Sea beneath the gas bearing horizons. As the oil price fell down and the activities in the Artic will shrink for a certain period but a new exploration activity will be made even at the low oil price to prepare the field development in the future.
