Abstract: The Arctic Regions have large area, harsh natural climatic conditions, complicated geological and tectonic evolution conditions and low-level gross exploration. The assessment made by the United States Geological Survey (USGS) shows that the Arctic Regions have abundant oil and gas resources. Vendian Baikalian, Late Devonian Ellesmerian, and Middle Cretaceous Brookian orogeneses are the three major tectonic events in the Paleozoic stratigraphy and deformation history of the Eastern Arctic Region. In general, the period from Triassic to Jurassic in Branchian Sea and most areas of Northern Siberia is characterized by tectonic subsidence, during the period major hydrocarbon sources rocks and reservoirs deposited in the Arctic Regions. Intercontinental deformation of Paleogene-Neogene is related to the Pacific plate subduction, the Indian plate collides with the Eurasian plate, and the North Atlantic rifting plays an important role in the trap formation of the Arctic Regions. Northern waters of the Siberian Basin are essentially forward areas, the Pokur group between the Upper Aptian Stage and the Cenomanian State of Cretaceous has the greatest potential, many huge anticlinal gas reservoir have not been drilled, and at the same time there is great potential in discovering large-scale lithologic oil and gas reservoirs. Middle and Lower Jurassic large gas fields are one of the important potential exploration targets. Due to the harsh natural conditions, the exploration potential of the eastern Branchian Sea mainly concentrates in the Jurassic inversion anticlines which have not been drilled and partly explored, so it is almost improbable to find gas pools and condensate pools with huge reserves, simple structure, and of commercial exploitation value. Many reservoirs and hydrocarbon source rocks developed in the East Greenland Rift Basin, and there are huge potential to find fault block traps. The Arctic Regions are peaceful politically, which provides opportunities for oil and gas exploitation in the region. However, the oil price volatility, the geological uncertainty and ecological vulnerability are great challenges to the Arctic oil and gas development.

Key words: Arctic, oil and gas resource, exploration potential, opportunity and challenge