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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
