Russia remains warm on Arctic projects
Despite arduous operating conditions, Covid-19 further challenging the economics and the threat of further Western sanctions, growth in the region remains a core priority for the government
The Arctic is the final frontier for Russian E&P. The territory holds an estimated 48bn bl of oil and 43tn m3 of gas reserves, more than any other country with an Arctic foothold. But low energy prices are piling the pressure on Arctic projects, which already operate in difficult conditions—not only in terms of high capital costs due to complex terrain and cold weather, but also because of Western sanctions. The Russian government sees exploitation of its Arctic reserves via LNG as the crux of its Energy Strategy to 2035, released in April. The plan includes tripling domestic LNG output by 2024 and the optimisation of exports through the Northern Sea Route, a major trade passage north
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
