This article discusses an urgent problem of the Arctic region development both in the whole world and in Russia. It is connected with the negative dynamics of oil and gas extraction in the worldwide developed deposits. Besides, the oil and gas production breakdown can be rather crucial for the country, because its budget depends on the petroleum tax. Because of the complicity and expensiveness of Arctic projects, it is essential to examine a number of definite risks which can become the basis for the strategic governmental programs of exploration and development of Arctic region, including the complex analysis and development of risk minimization methods.