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
Arctic policy of Russia field, an offshore oilfield in the Pechora Sea that will include up to 40 wells, is currently under construction and drilling is expected to start in early 2012. It will have the world's first ice-resistant oil platform and will also be the first offshore Arctic platform. Russia wants to establish its Arctic possessions as a major resource base by 2020. As climate change makes the Arctic areas more accessible, Russia, along with other countries, is looking to use the Arctic to increase its energy resource production. According to the U.S. Geological Survey, there are of oil and of natural gas