<P> Natural resources of the Arctic are the mineral and animal resources within the Arctic region (sometimes defined as north of the Arctic Circle) that provide or have potential to provide utility or economic benefit to humans . The Arctic contains significant amounts of minerals, boreal forest, marine life and fresh water . </P> <P> The United States Geological Survey estimates that 22 percent of the world's oil and natural gas could be located beneath the Arctic . </P> <P> Russia's undiscovered petroleum is estimated between 67 billion tons of oil equivalent (BTOE) according to the US Geological Survey and 142 BTOE according to the Russian Academy of Science (in 2011, the world consumed 13 BTOE of energy, 31% from oil and 21% from natural gas). Russia's vast energy resources account for 52% of the Arctic totals and Norway's for 12% . Norway, which has been extracting petroleum in the North Sea since the 1970s, in the 2010s expected new discoveries in the Barents Sea . As of 2013 Russia was exporting 88% of crude oil via pipelines, with a large majority of the natural gas also transported in that manner . 76% percent of natural gas and 79% of oil were exported to Europe, with the second largest customer for oil being China and for natural gas being Japan . Russia continued to expand both its pipeline networks and its seaborne capacity, with absolute maritime transportation of petroleum growing but remaining a small portion of the overall exports . </P> <P> The Arctic holds large quantities of minerals, including phosphate, bauxite, iron ore, copper, and nickel . These are of pervasive use in industrialized economies . Russia produces an average of 11 M tons of phosphates, 8% of the global output . Phosphates are used as fertilizers in agriculture, with other uses including water treatment, flame - retardant materials, and corrosion protection . In 2010, Russia also extracted and processed bauxite into 3.85 M tons of aluminum, constituting 9.3% of the global production and making it the second - largest producer in the world after China . It also mined 100 M tons of iron ore, 6.25% of the global production . </P>

Major industries in the arctic region of canada