Lukoil was the first Russian company to venture into arctic waters. the firm is allowed to trade the Oil however, was not allowed to pump it from the sea bed. by the law only 51% of state owned enterprises are permitted to extract Oil from Russia’s arctic ocean. This means only two Organisations: Gazprom and Rosneft got the permit.
So far the Lokoil has not been to acquire license for offshore & land operation in the Arctic. therefore, the SMLOP is dry so often.
Gazprom(Natural Gas Production Camp):- In year 1989, Gazprom was formed out of the agencies & employees of the Soviet Union’s Gas Ministry. As per the records of company accounts , it produce 80% of Russia’s natural gas & has a monopoly on export as well.
And government made itself a strong player in the Oil marketed by itself. Large parts of Oligarch and Mikhail Khodorkovsky’s dismembered Yukos oil company with Roseneft.