Abstract: The world's leading geological institutions assume the existence of large quantities of oil and gas within the Arctic Circle. Assumed quantities are 25% of the total undiscovered hydrocarbon reserves on Earth, or 410 billion barrels of oil equivalent. Natural gas represents the most of the undiscovered reserves, about two-thirds. So far, over 500 major and minor gas accumulations were discovered within the Arctic Circle, but apart from Snøhvit gas field in Norway, there is no commercial exploitation of natural gas from Arctic fields. Arctic gas projects are complex, technically very challenging, and pose a great risk to the return on investment, safety of people and equipment and risk for the ecosystem. Russia is a country that is closest to the realization of Arctic gas projects, Russian Arctic gas deposits on the average are several times higher than gas deposits discovered in other Arctic Circle countries. The development of Bovanenkovo gas field on the Yamal Peninsula is in the final phase of the project, with relatively large proved gas reserves of 4.9 billion m3 of natural gas. Shtokman gas-condensate field in the Barents Sea with reserves of 3.9 billion m3 of natural gas is the next great Russian Arctic project. Norway due to the anticipated decline in domestic production is increasingly investing in Arctic research. Norwegian fields are smaller, cheaper to develop and better researched, and a Norwegian national company Statoil has extensive experience in applying the technology of offshore drilling and production. U.S. and Canada have shown little interest in the exploitation of Arctic gas due to increasing investment and technology advances of gas production from shale gas and other unconventional hydrocarbon reservoirs. Because of the most extreme weather conditions in the seas around Greenland, this Arctic region is furthest from the realization of any gas project.