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Investment needs to be continued as the demand for hydrocarbon resources will grow in the long term as they are diminishing, the Statoil's executive vice president noted.

2014 was not a particularly good year for the development of energy resources in the Arctic for at least three reasons. First, after the Ukrainian crisis, the United States and the European Union (EU) announced sanctions against Russia prompting a number of global energy giants to terminate cooperation with Russian oil companies.

At the end of last year, Russia has received the first batch of Arctic oil. With the development of Prirazlomnoe began development of the Arctic shelf. Total in the Arctic about 60 large deposits of hydrocarbons, more than 40 of them are located in the Russian sector. Russia is now planning to expand their holdings at the expense of the Lomonosov Ridge and the Mendeleev at the bottom of the Arctic Ocean. It is expected that the corresponding application will be sent to the United Nations next year.

Arctic Research and Design Center will be established in Russia. Agreement on its establishment was signed on Tuesday in Washington, President of the Russian company "Rosneft" Igor Sechin and head of the U.S. ExxonMobil Upstream Research Sarah Ortueyn.

Chinese oil company Cnooc with Icelandic Eykon Energy has applied for a license to develop and produce oil and gas in the Arctic shelf of Iceland.

The gradual depletion of resources and the uneven provision of global natural resources, forcing industry and business to pay attention to the most difficult to develop the area. In the new special interest is the Arctic with its huge hydrocarbon deposits, rare earth metals, gold, silver, and other important natural resources.

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