ASNG was founded in January, 2002 by «Arktikmorneftegazrazvedka» (AMNGR) – a 100% Russian state owned company and by «Promyshlennye Investitsyi» («Industrial Investments») joint stock company, with the main objective of production of oil from the Barents Sea continental shelf and its direct export to the world market.

The company is licensed for a wide range of activities, related to oil and gas production and marketing (exploration, production, research, design engineering, appraisal and remedial work, commercial activity, including export of oil and gas).

Along with having the licenses for exploration and production of the Medyn-Varandei, Pomorskiy and Koloklmorskiy blocks, ASNG is a sole proprietor of an extensive shore base in the Kola Bay (Murmansk) with piers, storage facilities and supply depot.