Abstract: Over the past 10 years, remarkable progress has been made in petroleum exploration in Russian Arctic by adhering to self-reliance and self-improvement, as well as actively maintaining strategic focus, which further confirm the huge exploration and development potential and show promising prospects for cooperation. The systematic organization and summary of the current situation of petroleum exploration and major new achievements in Russian Arctic region enable to identify the main exploration orientation in the future and propose the relevant cooperation suggestions. The exploration activities in Russian Arctic region experienced a long history, but oil and gas discoveries were mainly concentrated in the western region; While the general survey will be dominant for a long period in the vast sea areas in the eastern region, and the substantial progress with economic benefits will hard to be made for a long time in the future; Since 2010, most of the new oil and gas discoveries have been made in the western region, with the most fruitful achievements in the South Kara Sea area; The western and central sea shelves are the key orientation for future exploration. It shows broad cooperation prospects between China and Russia in Arctic region. The cooperation on two types of assets should actively be deepened by relying on existing projects. Meanwhile, the medium and long-term goals as well as the advanced reserves of project operation capability should be prepared based on the long-term planning.