Far North (Russia) Far North (Russia) The Extreme North or Far North () is a large part of Russia located mainly north of the Arctic Circle and boasting enormous mineral and natural resources. Its total area is about , comprising about one-third of Russia's total area. Formally, the regions of the Extreme North comprise the whole of Yakutia, Magadan Oblast, Kamchatka Krai and Murmansk Oblast, as well as certain parts and cities of Arkhangelsk Oblast, Komi Republic, Tyumen Oblast, Krasnoyarsk Krai, Irkutsk Oblast, Sakhalin Oblast, Khabarovsk Krai, as well as all islands of the Arctic Ocean, its seas, the Bering Sea, and the
Petroleum exploration in the Arctic Basin, and the East Greenland Rift Basins. More than 70% of the mean undiscovered oil resources is estimated to occur in five provinces: Arctic Alaska, Amerasia Basin, East Greenland Rift Basins, East Barents Basins, and West Greenland–East Canada. It is further estimated that approximately 84% of the undiscovered oil and gas occurs offshore. The USGS did not consider economic factors such as the effects of permanent sea ice or oceanic water depth in its assessment of undiscovered oil and gas resources. This assessment is lower than a 2000 survey, which had included lands south of the arctic circle. A recent