Russia seeks to revive offshore Arctic ambitions
New oil finds and melting ice are helping to reignite interest in the region
The cost and complexity of offshore drilling in the Russian Arctic have proved a headache for oil companies over the years. But with Gazprom keen to revive the giant Shtokman project and the Kremlin offering generous tax breaks, it may be time for another look. Western sanctions on Russia and low energy prices have been a hindrance to activity, but the main problem has been that most of the deposits in the region are gas, rather than more profitable oil. The abandonment of the Shtokman gas project back in 2012 showed that even the collective clout of Gazprom, Statoil and Total couldn't make the region viable at that time. But now things could be changing, especially in light of fresh oil dis
Also in this section
3 February 2026
Sector’s success depends on ‘constant innovation and optimisation’, Mel Ydreos tells delegates as he warns against complacency and urges industry to keep pushing boundaries
3 February 2026
Industry leaders at LNG2026 in Doha make the case for a critical role for natural gas in the global energy mix for decades to come
3 February 2026
Catch up on the highlights of the LNG2026 conference in Doha, Qatar, with the second show daily
2 February 2026
The first edition of LNG2026's Official Show Daily, produced by Official Media Partner Petroleum Economist, is now online.
