Sustainable Development of Oil and Gas Potential of the Arctic and Its Shelf Zone: The Role of Innovations

Abstract

Currently, the Russian oil and gas industry is characterized by significant reserves depletion and the late stage of development of most fields. At the same time, new fields that are brought into industrial development, in the majority of cases, have hard-to-recover reserves. Furthermore, most prospective oil and gas deposits are located in the Arctic and its offshore territories and their development is much more complicated due to regional peculiarities. This substantiates the necessity of a special approach to the development of the oil and gas potential of the Arctic, based on innovation. The goal of the paper is to reveal the role of innovation activity in the sustainable development of the oil and gas potential in the Arctic and its offshore zone. The paper briefly presents the main urgent factors of Arctic development, which highlight the necessity of innovation for its sustainability. Then, it introduces the methods used for the research: the Innovation Policy Road mapping (IPRM) method in accordance with Sustainable Development Goals (SDGs) concept for clarifying how innovations will lead to sustainable development. In terms of results, this paper presents an innovation policy roadmap for the sustainable development of oil and gas resources of the Russian Arctic and its shelf zone and identifies the role of innovation within this development.