Arcticneft is a Russian closed stock private company founded in 1998 by OAO Arkhangelskgeoldobycha (51%) and OAO LUKOIL-Arktik-Tanker (49%) for the purpose of developing and operating the Peschanoozerskoye field on Kolguyev Island in the Barents Sea. The field was originally discovered in the early 1980s by Arkhangeloskoye Production Geological Amalgamation, a predecessor of OAO Arkhangelskgeoldobycha, and production began in 1985.
On 11 July 2005 the Company acquired 100% of the stock of Arcticneft from OAO Arkhangelskgeoldobycha and OOO LUKOIL-Kaliningradmorneft.
The term of the license is until the later of the depletion of the field or 2067.
In August 2016 Arcticneft purchased the entire share capital of Arctic Oil Company Limited that has a license for the development of the central part of the Peschanoozerskoe oil field.