The Arctic region holds vast amounts of extractive energy resources, possibly greater than 25% of global reserves, most of which is offshore beneath thick ice and deep water. The oil and gas contained in this area had been unreachable or far too costly and dangerous to extract. Rising global temperatures, however, are causing formerly impenetrable ice sheets and permafrost to melt and access to Arctic energy resources is increasing.

The reserves and production of oil and natural gas from the region are increasing annually. The current prices for these commodities make exploration and production of oil and gas in the Arctic a reality. Known areas of reserves are the North Slope in Alaska (U.S.), East Siberia, West Siberia, the Timan-Pechora area, South/North Barents ( Russia ), the Vesrford Helgeland area east of Norway , and East Greenland . Potential oil and gas provinces include the Vilkitsky area, the Laptev Sea, the Vilyuy area, the Khatanga area and the North Kara Sea (all in Russia), The West Barents sea north of Russia, Denmark and Norway, the West Greenland area, the Sverdrup area north of Canada, and the Beaufort-Mackenzie area north of Canada and Alaska.

Russia has already discovered significant gas resources in the Barents Sea, including the massive Shtokman field, the largest offshore gas reservoir in the world with proven reserves of 3,500 billion m3 of gas, seven times more than the annual gas consumption in Europe and there is significant oil and gas production in Russia , Norway , Denmark , Canada , and the United States .

The Arctic area holds significant reserves of coal. It is estimated that the Unites States and Russia territories have over 44% the world's coal reserves. Northern Alaska-Slope, Central Alaska-Nenana, and Southern Alaska-Cook Inlet. Bituminous coal and lignitehave been found in the Northern Alaska-Slope coal province. The measured reserves are estimated at 247 billion metric tons.

With 157 billion metric tons, Russia has the second largest coal reserves in the world. Russian coal mining is concentrated in regions served by the Trans-Siberian Railway, with the Kemerovo , Krasnoyarsk , and Novosibirsk regions accounting for the bulk of the nation's production.

Methane hydrate gas is abundant in the Arctic Region. There are tremendous reserves in Alaska , Canada , Russia , and Scandinavia . The U.S. Geological Survey estimates that 200,000 trillion cubic feet of methane hydrate gas exists under Alaskan territory outside of the Arctic National Wildlife Refuge. While only a fraction of this amount is extractable, to recover even one percent would double proven U.S. gas reserves. Gas hydrates are known to occur both within and below permafrost in polar areas. Several areas in the Arctic show potential for having gas hydrate accumulations. Three provinces are in North America and four are in Russia : (1) northern Alaska , (2) the Mackenzie Delta-Beaufort Sea region, (3) Sverdrup basin of Canada , (4) Western Siberia basin, (5) Lena-Tunguska province (Vilyuy basin), (6) Timan-Pechora basin, and (7) several sedimentary basins in northeastern Siberia and the Kamchatka area. Additionally, (8) the Svalbard archipelago ( Norway ) and (9) sedimentary basins under the ice cap of Greenland ( Denmark ) may have pressure and temperature conditions favorable to the formation of gas hydrates.