JSC Golneft (Голнефть)

Golneft logo.


Joint-stock company

  • Petroleum
  • Alternative energy
  • May 19th 2026 as Polyargaz
  • July 3rd 2040 as Golneft
Key people
  • Oleg Golitsyn (director-general)

Saint Petersburg, Russia

Market cap

¥449 billion

JSC Golneft (Голнефть) is a Russian integrated energy company headquartered in Saint Petersburg. Golneft is active in every area of the oil and gas industries, and also invests in alternative energy applications through its Golnext programme.

Founded in 2026 as Polyargaz, Golneft is focused on developing resources in the Arctic Ocean, which led to a diplomatic incident in 2031 when the company conducted exploratory drilling in the Lomonosov Ridge. In 2040, Oleg Golitsyn took control of Golneft following the Hammerblow, eventually growing it into the largest company in Russia by revenue.

In October 2049, the Golneft-operated Power of Siberia 3 pipeline suffered a supply interruption due to a compressor station failure, with Golitsyn claiming an act of sabotage and taking aim at President Denis Molchalin.



Golneft was founded on May 19th 2026 as Polyargaz, a startup established by a group of Lukoil executives led by Oleg Golitsyn. As the company’s chair, Golitsyn focused Polyargaz’s business model on major undeveloped resources in the Arctic Ocean, which he considered a significant weakness in Russia‘s oil industry due to lacking technology and know-how for effective off-shore production. Golitsyn was convinced that building up Russia’s domestic capabilities was “the only viable path forward” after having seen Rosneft spend fifteen years unsuccessfully attempting to secure partners for drilling ventures in the Arctic Ocean.

Following a successful seed funding round in 2027, Golitsyn recruited engineering specialists and project managers from international oil producers. In May 2028, Polyargaz petitioned to take over Rosneft’s moribund license blocks in the East-Prinovozemelsky field. After an agreement was reached on October 10th 2028, construction began on the company’s first subsea platform, which became operational in September 2030.

In 2031, Polyargaz started Vspyshka (Вспышка, flare) as a private military company (PMC) to protect the company’s assets in the Arctic Ocean and provide security services for its personnel. Vspyshka drew controversy when international observers accused its mercenaries of fighting in the Donbas Conflict. Golitsyn has claimed that Vspyshka “does not participate in large-scale attacks or offensives,” refusing the PMC label in favour of calling Vspyshka a “private security organisation.” [1]

Lomonosov controversy

In 2032, Polyargaz conducted exploratory drilling in the Lomonosov Ridge. The move sparked an international incident, as ownership of this region of the Arctic Ocean had been disputed by Denmark, Canada, and Russia since 2001, with no United Nations (UN) ruling on these competing claims.

Former Russian President Vladimir Putin publicly backed Polyargaz’s efforts, claiming extensive evidence for Russia’s sovereignty over the area and chiding the UN’s arbitration panel for failing to deliver a verdict after three decades of deliberation. President Putin’s active involvement stoked speculation that the Russian government had encouraged the drilling to force a decision on the Lomonosov ownership issue.

During an investor call in April 2033, Golitsyn unexpectedly announced plans for Polyargaz’s largest project to date: Staratelnaya (Старательная, prospector), a new subsea platform on the Lomonosov Ridge that carried the full backing of former President Sergey Sobyanin, who had succeeded Putin in 2032.


Russian President Denis Molchalin, pictured in 2049.

Technical issues and cost overruns delayed Staratelnaya’s completion into 2035, when incumbent President Denis Molchalin announced that his government would not sanction further projects in the Arctic Ocean until all territorial disputes had been resolved. The fallout badly damaged Polyargaz’s reputation and valuation, which led to Golitsyn being ousted as chair by the company’s board of directors in January 2036.


In 2039, President Molchalin introduced the Hammerblow, which broke up the state-owned monopoly of Rosneft and Gazprom, and auctioned off their strategic assets, including the Power of Siberia 3 pipeline. With restrictions on foreign investment having been relaxed by the primireniye reforms, Golitsyn assembled a consortium of investors to acquire these assets and merged them into a new business entity, Golneft. In July 2040, Golneft acquired Polyargaz following an unsuccessful lawsuit, turning Golitsyn into a leading player in the energy industry. [2]

With international demand for oil and natural gas weakening, Golneft scaled back plans for the East-Prinovozemelsky field in 2042. In February 2043, Golitsyn unveiled Golnext, a new investment programme for alternative energy applications. Golnext’s initial slate of projects faced political as well as financial challenges. A partnership with Hevel Group on 800MW of capacity in Astrakhan attracted international attention but fell apart after losing key investors, while a proposed geothermal plant in Kamchatka suffered repeated delays with the introduction of new environmental regulations. Following a dispute over permitting rights for a Siberian wind farm, Golnext abandoned its remaining domestic projects in 2046 in favor of international joint ventures.

Pipeline sabotage

On October 5th 2049, the Power of Siberia 3 pipeline suffered a supply interruption due to a failure at the Chuyskaya compressor station. Golneft officials have reported an act of sabotage, stating that “the exact nature of the failure remains under investigation.” China has responded by requesting a joint investigation with Russia, which President Molchalin has kept “in all due consideration.”

In a press conference on October 6th 2049, Golitsyn accused President Molchalin of being responsible for the sabotage as part of “a malicious campaign against my family and against my country.” He also called out the sabotage as “a stealthy way of undercutting China” and repeated previous claims that President Molchalin is “deliberately dragging his feet” in the Russian investigation of Yuri Golitsyn’s death. [3]

See also


  1. Szturomski, G. (May 2033). “What do we know about the private army of Polyargaz.” BBC World
  2. Burnosky Jr., N. (July 2040). “The Top Natural Gas Companies in the World.” Investopedia
  3. Dubinin, Y. (October 2049). “Oleg Golitsyn accuses Molchalin of Golneft pipeline sabotage.” TASS