Global challenges and opportunities for Arctic oil and gas projects

Abstract

Integrated development of hydrocarbon potential is one of the high-priority tasks of the government of Russia policy in the Arctic region. When determining the prospects of oil and gas projects, it may be necessary to envisage ways of responding to large-scale changes in the global energy system, which significantly affect the timing, commercial and budgetary efficiency of project activities in the Arctic. The high level of turbulence creates new challenges for the Russian and global oil and gas complex associated with the strengthening of competition in traditional markets of hydrocarbon resources, the progressive development of technological innovation, and changes in the price environment. The main direction of development of the Arctic oil and gas sector should be quick adaptation to new conditions, reassessment of strategic planning systems of key market players, as well as a targeted state policy in relation to the formation of a favorable investment climate and flexible taxation system in the region. For the purpose of the study, an analysis of the factors of instability of the global energy system and their influence on the efficiency of operation of arctic hydrocarbon fields is conducted. The characteristics of the main directions of government policy in the Arctic zone, stimulating the production of hydrocarbons, are given. The potential limitations and opportunities for the implementation of oil and gas projects resulting from the transformation of the global raw materials market are identified and systematized.