Prospects of Russia’s shelf projects in the Arctic Region

Abstract

The article considers the prospects of the Arctic shelf exploration by Russia’s companies in conditions of geopolitical tensions. Due to the introduction of anti-Russian sanctions against the oil and gas industry, the intensity of international cooperation decreased and affected the pace of development of the whole Arctic region. The article also outlines the importance of creating a new industry in Russia focused on inventing and developing equipment for exploitation of oil and gas deposits on the shelf and expanding international collaboration for safe maintenance of Arctic megaprojects.