US, Russia and China circle the Arctic
The strategic importance of vast untapped oil and gas reserves and key shipping routes has come in from the cold
The Arctic has significant oil and gas potential but is also one of the most geopolitically sensitive spots on the map. The US, Russia, China and the Nordic nations find themselves navigating increasingly complex relationships—balancing domestic agendas with international competition and cooperation. The region's future will depend on how these competing interests play out. The Arctic is estimated to hold approximately 22% of the world’s undiscovered oil and gas reserves, or around 412b boe, with about 84% being offshore and gas making up about two-thirds of the total, according to a 2008 assessment by the US Geological Survey—the most recent comprehensive estimate available. About 95% of Ar
Also in this section
18 February 2026
With marketable supply unlikely to grow significantly and limited scope for pipeline imports, Brazil is expected to continue relying on LNG to cover supply shortfalls, Ieda Gomes, senior adviser of Brazilian thinktank FGV Energia,
tells Petroleum Economist
17 February 2026
The 25th WPC Energy Congress, taking place in Riyadh, Saudi Arabia from 26–30 April 2026, will bring together leaders from the political, industrial, financial and technology sectors under the unifying theme “Pathways to an Energy Future for All”
17 February 2026
Siemens Energy has been active in the Kingdom for nearly a century, evolving over that time from a project-based foreign supplier to a locally operating multi-national company with its own domestic supply chain and workforce
17 February 2026
Eni’s chief operating officer for global natural resources, Guido Brusco, takes stock of the company’s key achievements over the past year, and what differentiates its strategy from those of its peers in the LNG sector and beyond
