Exploration and production of oil and gas as a factor of economic development of the Arctic resource regions, resource curse

Abstract

The results of the cluster analysis showed that all the regions classified as the Arctic zone of Russia can be identified as resource regions. Identification was based on such factors as the role of the mining sectors in the region's economy, the share of mineral extraction tax and employment in the extractive industries, especially in oil and gas sector. Econometric analysis built on panel data showed that the production of energy resources in the Arctic regions directly affects the level of socio-economic development of the Arctic regions. At the same time, it is important to take into account that these regions are characterized by a single-industry type of economy, which does not allow for comprehensive innovative development of various sectors of the region's economy. As a result, the "resource curse" of the regions of the Arctic zone of Russia was revealed. This includes significant challenges and threats to the sustainable development of the Arctic regions.