The Ministry of Natural Resources and Ecology estimated the volume of resources of the Arctic seas of Russia at 15.7 billion tons of oil, 91.7 trillion cubic meters of gas and 4.7 billion tons of condensate.

"The resources of the water areas are estimated at 15.7 billion tons of oil, 91.7 trillion cubic meters of gas and 4.7 billion tons of condensate. At the same time, the degree of exploration of the initial total resources by industrial categories is 4.7% for oil, 10.1% for gas and 6.1% for condensate. It is obvious that geological exploration is necessary to transfer the potential to reserves," said Alexander Kozlov, head of the Ministry of Natural Resources and Environment.

Kozlov noted that now in the Arctic seas - Laptev, East Siberian, Chukchi, Bering - there is practically no drilling study, and the degree of exploration of resources does not exceed 3%.

"But the study of these seas is not a matter of tomorrow, there is no oil and gas transportation infrastructure, there is a difficult ice situation. So far, the interests of the companies are concentrated in the Kara, Caspian, Okhotsk and Pechora Seas," he stressed.

The Greenland government has announced a ban on oil exploration in the vast Arctic territory. The decision was made in the interests of fishing and to focus the economy on the real potential of the autonomous territory.

"This is a logical step, since the government takes the climate crisis seriously. This decision was also made in the interests of our nature, in the interests of our fisheries and to focus our economy on real potential," said Greenland's Minister of Natural Resources Naai Nathanielsen.

It is reported that the main offshore exploration campaign conducted by the Scottish company Cairn Energy in 2010-2011 did not lead to discoveries, and two oil strategies that previous governments have presented since 2014 failed to attract companies.

In April 2021, parliamentary elections were held in Greenland, in which the opposition left-wing party Inuit Atakatigiit received the majority of mandates. In accordance with the pre-election promise, the Government is currently consulting on a bill banning uranium exploration and production in Greenland. The island of Greenland, 80% of which is covered with ice, has significant natural resources – oil, gas, gold, diamonds, uranium, zinc and lead, but the development of natural resources is fraught with significant difficulties, including due to poorly developed infrastructure and numerous bureaucratic obstacles.

The Arctic is fraught with enormous wealth, which, of course, includes oil. But it is not enough to open giant deposits — it is necessary to find ways to produce, and in the case of the Far North, also to deliver raw materials to consumers. Gazprom Neft managed to solve this problem by implementing three large-scale projects for the development of the Arctic.

Scientific methods of oil and gas geology and geophysics (INGG) of the Siberian Branch of the Russian Academy of Sciences are developing new methods of three-dimensional seismic exploration to search for oil and gas fields in the Far North and the shelf of the Arctic seas. The work is carried out jointly with the Krasnoyarsk subsidiary of PJSC "Rosneft".

Putin urges energy companies to develop know-how for drilling in the far north.

Disputes for the richest with resources of not Wad Dra of the Arctic will only accrue, however, to possess something far doesn't mean effectively it to use. Any country isn't prepared for production of minerals in severe Arctic conditions better today, than Russia. And this separation continues to increase.