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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
