The rapid changes in the Arctic, from melting ice to potential economic development, have drawn global attention to the region. Oils and natural gas reserves that the Arctic holds are at the center of discussions revolving around the Arctic. This paper examines what the Arctic energy resources imply to the complex dynamics of global energy market, especially to the Asian market as well as how the Arctic Energy Cooperation responds to the political tension in Korea Peninsula. It explores political and economic aspects of the Arctic energy security and future prospects of global oil and natural gas markets. It concludes and analyses the needs and expected outcomes of the Arctic energy cooperation between South Korea and Russia in the context of enhancing energy security and national competitiveness.