ZAO 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.

Following a re-organization of LUKOIL-controlled subsidiaries in 1999, the Company was licensed for the production of hydrocarbons from the field. The term of the license is until the later of the depletion of the field or 2067. In December 2004 the ownership interest of OAO LUKOIL-Arktik-Tanker was transferred to OOO LUKOIL-Kaliningradmorneft.

On 11 July 2005 the Company acquired 100% of the stock of Arctineft from OAO Arkhangelskgeoldobycha and OOO LUKOIL-Kaliningradmorneft.