Geologists estimate that the Arctic holds about a tenth of the world's undiscovered oil and perhaps a quarter of its undiscovered gas, most of it under Russian waters, and deposits of nickel, copper, rare earths and iron on land. The warming that makes them reachable is caused by burning such fuels. Russia and Norway are drilling, the United States has reopened parts of Alaska, and Greenland's minerals are courted by three powers. The European Union, which in 2021 called for Arctic oil and gas to stay in the ground, now buys more Norwegian gas than ever and is reconsidering.
The wider region and the powers in it: The Arctic.
Where it stands · September 2026
Russia began loading oil from the Vostok Oil project in the Arctic, with Rosneft to supply thirty million tons in 2027. Ukraine struck Russian Arctic gas plants in a strike of record depth. The European Union kept its ban on Arctic oil and gas drilling, against pressure from Norway.
What the dispute is about
Extract or leave. The producing states say the world will need oil, gas and metals for decades, and that theirs are as clean as any. Climate scientists and the International Energy Agency's own modelling say that no new fields fit within the temperature limits the same states have signed.
Whose energy is acceptable. Europe refuses Russian Arctic gas as the proceeds of war, takes Norwegian Arctic gas as security of supply, and until recently asked Norway to stop looking for more.
Who decides on the land. Much of the mineral wealth lies under reindeer pasture and hunting grounds. Indigenous peoples are divided: some corporations and councils want the revenue, others go to court against the mines and wind farms.
