Abstract: The Arctic is a strategic reserve for oil and gas resources and has always been a focus of attention for countries and energy companies regarding investments in Arctic oil and gas. However, existing research lacks environmental assessments specific to Arctic oil and gas investments. This study establishes an evaluation system for investment in the environmental aspects of Arctic oil and gas resources. Using the AHP-Entropy method and first-hand data on Arctic oil and gas resources, an analysis of investment evaluation in the Arctic oil and gas resource environment was conducted. The results indicate that: (1) Russia is the best partner for China’s Arctic oil and gas investments, with absolute advantages in natural resource environment, infrastructure, and service environment; (2) Norway has a good political and social reputation, making it a reliable partner in technology acquisition and carbon reduction in the field of oil and gas exploration and development; and (3) the United States and Canada are currently not conducive to investment, and it is suggested that ties should be established through non-government academic exchanges to break the ice in the field of Arctic oil and gas cooperation.

Key words: oil and gas resources, investment evaluation, AHP-Entropy method,  Arctic Region