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May 2010

Vol. 15, No. 19 Week of May 09, 2010

Our Arctic Neighbors: Norway, Russia resolve Arctic boundaries

Agreement on Barents Sea and Arctic Ocean could lead to joint projects developing oil and gas fields, Russian president suggests

Sarah Hurst

For Petroleum News

After negotiating for 40 years, Norway and Russia have reached an agreement over the boundaries between them in the Barents Sea and the Arctic Ocean. The recommended solution involves a maritime delimitation line that divides the overall disputed area of about 67,550 square miles into two parts of approximately the same size. The two countries also plan to adopt treaty provisions regarding cooperation on fisheries and petroleum activities, according to an April 27 release from Norway’s Ministry of Foreign Affairs.

“This is a historic day. We have reached a breakthrough in the most important outstanding issue between Norway and the Russian Federation,” said Norwegian Prime Minister Jens Stoltenberg. “The agreement is the result of meticulous efforts on the basis of international law, and is an expression of the great importance attached to international law by Norway and the Russian Federation as coastal states,” Stoltenberg continued. “The negotiated solution appears to be well balanced and will benefit both our countries,” he added.

Norway and Russia wish to maintain and enhance their longstanding cooperation with regard to living marine resources in the area, the release said. In the field of hydrocarbon cooperation, the two delegations recommend the adoption of detailed rules and procedures ensuring efficient and responsible management of their hydrocarbon resources in cases where any single oil or gas deposit should extend across the delimitation line.

“I am very pleased that we have taken this step because the longer we left the situation unresolved the more the tension would have grown, even though our countries already work together in the energy sector, in fisheries and in other areas,” Russian President Dmitri Medvedev said at a joint press conference with Stoltenberg in Oslo April 27.

“I hope quite simply that this will open the way to a larger number of projects, including in the energy sector,” Medvedev continued. “As I said to the prime minister, once the final borders are drawn it could turn out that the development and operation of this or that (oil or gas) field could require our joint participation. I think the best solution in such cases would be to establish a joint venture to operate the fields concerned. We need to see practical results.”






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