BP estimates for Arctic Ocean oil resources- 200 billion barrels, about half of the world's prospected hydrocarbons.
http://globalresearch.ca/index.php/index.php?context=va&aid=15229

A member of the Russian Academy of Sciences told the International Arctic Forum that the Arctic has large deposits of diamonds, nickel, chromium, manganese, tungsten, rare minerals group and gold.
Moreover, he gave initial resource estimates for oil/gas are 51 billion tonnes of oil and 87 trillion cubic metres of natural gas.
Gas hydrate reserves have not been estimated.
He is convinced that "shelf exploration is in need of a dramatic increase in investment, for which purpose foreign companies should be attracted."
Realpolitik.tv
http://chauprade.com/ocean-arctique/oil-gas-reserves-in-arctic-comparable-to-gulf-western-siberia-scientist-25-09-10