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Natural Resources

The Arctic contains a wealth of petroleum and mineral resources. Currently, the region produces about one tenth of the world’s oil and a quarter of its natural gas. The Russian Arctic is the source for about 80 percent of this oil and virtually all of the natural gas; Arctic Canada, Alaska, and Norway are the other leading producers. Recent appraisals suggest that a considerable fraction of the world’s undiscovered petroleum reserves lie within the Arctic.

The most developed sector of the region, the Russian Arctic also holds abundant deposits of nickel, copper, coal, gold, uranium, tungsten, and diamonds. As well, the North American Arctic contains pockets of uranium, copper, nickel, iron, natural gas, and oil. However, many known mineral reserves have not been exploited because of their inaccessibility and the steep development costs.

Related Photos

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  • A polar bear with its catch at the Wrangel Island Nature Reserve in the Chukotka Autonomous Area.
    Polar bear
  • Prime Minister Vladimir Putin (third right, background) attending the plenary meeting of the Second International Forum "The Arctic: Territory of Dialogue", September 22, 2011. Left: Albert II, Sovereign Prince of Monaco.
    Second International Arctic Forum
  • The dogs were the first to run down the ramp onto the ice floe.
    Russian polar explorers descend on drifting ice floe
  • Reached the first ice field area.
    Icebreaker Rossiya in the Chukchi Sea
  • The Krasin icebreaker delivering a geological expedition to Franz Josef Land.
    Krasin icebreaker
  • A female bear living at the Wrangel Island Nature Reserve
    Female bear at Wrangel Island Nature Reserve
  • The Arktika was the first icebreaker to go through the ice to the North Pole.
    Arktika nuclear icebreaker in the Arctic Ocean
  • An Arctic Lemming on Wrangel Island.
    Arctic Lemming
  • September 7, 2011. President Dmitry Medvedev, second right, his wife, Svetlana, left, and Queen Margrethe II of Denmark and her husband, Prince Consort Henrik, at the Russian-Danish photo show "The Arctic" at the Moscow House of Photography.
    President Dmitry Medvedev and Queen Margrethe II of Denmark open exhibition "The Arctic" in Moscow
  • The Sibir nuclear icebreaker in the Arctic during a high-latitude expedition.
    Sibir nuclear icebreaker in the Arctic
  • Walruses resting on an ice floe in the East Siberian Sea.
    Walruses resting on ice-floe
  • The ice-covered Barents Sea.
    Barents Sea

Biological resources are similarly bountiful in the Far North. An estimated one-fifth of freshwater and several of the world’s largest rivers are found there. The region encompasses one of the last and most extensive, continuous wilderness areas on Earth, and it is home to hundreds of endemic species of plants and animals. Millions of migratory birds from around the globe breed and live seasonally in the Arctic and a variety of marine mammals inhabit the regional ocean waters. Fish such as salmon, cod, and pollock abound in Arctic and sub-Arctic waters, supporting valuable commercial fisheries. Some two dozen major herds of reindeer and caribou, important resources for indigenous peoples, migrate across high northern landscapes. In sum, humans gain much from the Arctic’s living resources, and the region is uniquely important to global biodiversity.

Climate change in the Far North is expected to transform the outlook on natural resources there.  As rising temperatures accelerate the melting of ice on land and at sea, the prospects for expanding transportation corridors, mineral resource development, and tourism will grow. At the same time living resources will face new pressures. Future developments could well bring considerable new wealth to Arctic state economies, but also significant consequences for northern peoples and environments.