The paper aims to reveal the prospects for the development of global energy sector and to look into the prospects for alternative energy sources in the world power industry. The paper provides the analysis of oil and gas (natural, liquefied, shale) production and transportation in the medium term. We define the conditions and the main factors of providing energy security as well as overcoming energy poverty of national economies. For the purpose of energy diversification, we identify the directions and the potential for the use of alternative energy sources and the possibility to step up development of alternative energy. On the basis of statistics, the paper demonstrates that the use of alternative fuels (hydrogen, biofuel, solar and wind energy, tidal energy) has not yet resulted in a significant decrease in the demand for oil, gas and other traditional energy sources. It is noted that offshore Arctic gas development is gradually increasing. Data on Arctic seas gas resources are provided. Geopolitical, financial, economic and environmental risks on the world energy markets are classified.