The Lomonosov microcontinent is an elongated continental fragment that transects the Arctic Ocean between North America and Siberia via the North Pole. Although it lies beneath polar pack ice, the geological framework of the microcontinent is inferred from sparse seismic reflection data, a few cores, potential field data and the geology of its conjugate margin in the Barents-Kara Shelf. Petroleum systems inferred to be potentially active are comparable to those sourced by condensed Triassic and Jurassic marine shale of the Barents Platform and by condensed Jurassic and (or) Cretaceous shale probably present in the adjacent Amerasia Basin. Cenozoic deposits are known to contain rich petroleum source rocks but are too thermally immature to have generated petroleum. For the 2008 USGS Circum Arctic Resource Appraisal (CARA), the microcontinent was divided into shelf and slope assessment units (AUs) at the tectonic hinge line along the Amerasia Basin margin. A low to moderate probability of accumulation in the slope AU yielded fully risked mean estimates of 123 MMBO oil and 740 BCF gas. For the shelf AU, no quantitative assessment was made because the probability of petroleum accumulations of the 50 MMBOE minimum size was estimated to be less than 10% owing to rift-related uplift, erosion and faulting. ?? 2011 The Geological Society of London.