The Role of the Arctic Oil and Gas Sector in the Context of Strategic Prospects for the Development of the Russian Energy Industry

The presented study analyzes the role of various territories and water areas of the Arctic zone (including the Arctic shelf) with known hydrocarbon reserves in the context of strategic development of the Russian energy industry. Particular attention is dedicated to the changes in the perception of the role of Arctic hydrocarbons in the energy policy over time and the circumstances that brought about these changes. Aim. The study aims to analyze a number of key strategic documents on the development of the Russian energy industry in order to comprehend the role of and prospects for the development of the Arctic oil and gas sector in Russia. Tasks. The author examines the major directions and priorities of Russia’s current long-term energy policy by analyzing the Energy Strategies for Russia, determines the extent of exploration of hydrocarbon reserves on the continental shelf, and specifies the major problems in the development of Arctic hydrocarbon extraction. Methods. The analyzed materials include the Energy Strategy for Russia until 2020 (approved in 2003), the subsequent, currently effective Energy Strategy for Russia until 2030 (approved in 2009), and the yet-to-be-approved project of the Energy Strategy for Russia until 2035, developed by the Ministry of Energy of the Russian Federation. Results. Overall, it can be concluded that the most recent energy strategy relies more on the resources of the Eastern Siberia and the Far East than the hydrocarbon reserves of the Arctic zone. Those resources are estimated to support the reproduction of mineral and raw materials in the short and medium term. Furthermore, it is planned to move away from extraction and transportation of hydrocarbons towards deep processing using knowledge-intensive technologies, which would allow a wider range of products with higher added value to reach the global energy market. Conclusions. The examined strategy looks rather promising, but its implementation in Russia is currently quite limited - according to the project of the Energy Strategy for Russia until 2035, this is due to the “restrictions imposed by a number of countries on Russian oil and gas companies regarding the supply of modern technologies and equipment used in the exploration and exploitation of Russian deep-sea, Arctic marine and shale deposits, as well as attraction of long-term investments.”

Arctic, oil and gas resources, globalization, world economy, Russian energy industry, fuel and energy complex, energy industry, energy policy, Арктика, нефтегазовые ресурсы, глобализация, мировое хозяйство, энергетика России, ТЭК, энергетическая отрасль, энергетическая политика

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