The Tarkskoye Oil Field on Kolguyev Island as a Potential Example of Comprehensive and Safe Arctic Exploration

The close attention of the leaders of the Russian Federation to the Arctic region, covering almost 30 % of the national territory, is associated not only with geographic specifics but also with a set of issues and objectives requiring adequate attention. These objectives include ensuring the safety of the northern borders as well as the safety of the Northern Sea Route navigation, the logistical support of the Northern Sea Route, the resource development of the Arctic area, and the socio-economic regional development. Considering geographic, climatic, and other specifics of the Arctic area of the Russian Federation, the large-scale development of the giant region requires not only efforts from the state but also the involvement of private business. The state attracts private investments to the region on favorable terms; however, it will be insufficient. New approaches to the implementation of projects will be required. Particularly, a comprehensive approach aligning the interests of business entities of various organizational and legal forms and the scales as a unified project planning and implementation goal setting is required. Based on the example of Kolguyev Island in the eastern part of the Barents Sea, the concept of the development of the Tarkskoye oil field with oil refining on the island, the construction of a deep-water port capable of bunkering ships, and the entire infrastructure of the Northern Sea Route have been proposed. In addition, a scope of goals to ensure the safety of facilities on the island and the adjacent water body has been formulated. At the same time, recreational businesses associated with ecotourism, hunting, and fishing based on the state reserve can be successfully developed on the island, provided with energy (due to the generation powered by the associated gas). Considering the supposed cost-efficiency of power generation, cryptocurrency mining can be implemented. Seemingly, the exploration of the Arctic area of the Russian Federation must rely on the detection of efficiency-seeking investments with comprehensive participation of state and private partnership with large, medium-, and small-scale businesses. Kolguyev Island can serve as an example for such projects.