Norway, Russia discuss cooperating on oil and gas development in Barents

Norway’s Oil and Energy Minister Odd Roger Enoksen was visiting Moscow Jan. 24 to 26 to meet Gazprom Chief Executive Alexei Miller, Russian Energy and Industry Energy Minister Viktor Khristenko and several energy and natural resource politicians, according to a Dow Jones report. Norway and Russia have signed memorandums of understanding to study cooperation in petroleum development in the Barents Sea, in which the two countries share a disputed border. The Barents Sea is estimated to hold around 40 billion barrels of oil and gas.

Russia wants to use Norwegian offshore technology and Norway wants involvement in developing Russia’s huge petroleum reserves.

Gazprom has short listed Norwegian companies Statoil ASA and Norsk Hydro ASA for participation in developing the 3.2 trillion cubic meter Shtokman gas field in the Barents Sea. Chevron, ConocoPhillips and Total SA are also short listed. Gazprom has said that it plans to decide on the final stakeholders in the project by March. The Norwegian government owns major shares in the two Norwegian companies.

—Alan Bailey