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Russia and Norway agreed a deal to divide up their shares of the Barents Sea.

Tuesday, 07 June 2011
Norway and Russia stressed that the dividing line provides completely new opportunities for exploration and production of oil and gas in Arctic waters.

Yesterday delimitation agreement between Norway and Russia was formally signed at the Akershus Castle, after both the Norwegian parliament and the Russian Duma had ratified the agreement.
The deal follows decades of negotiations between the two sides over how to divide the region.
The accord will allow companies to explore for oil and gas in the 68,000 square mile area.

Russian Foreign Minister Sergey Lavrov and his Norwegian counterpart Jona Gahr Stoere ratified the deal during a ceremony in Oslo on Tuesday.

“This is a milestone and a great day for Norway. With this we complete boundaries on land and at sea, "said Norway’s Foreign Minister.

“What this will mean for the Norwegian oil and gas companies in the years ahead is that each State may now examine and make decisions on each side of the border and proceed at a pace that they want. As long as the agreement is concern, there was a moratorium in an area of 170,000 square kilometres. That has now been resolved, it brings a normalcy to the areas in the north, "he told the paper Aftenposten.

The agreement gives Norway sovereignty over an area of nearly 89,000 square kilometers. It is almost as big as mainland Portugal or the Norwegian North Sea.
By Scancomark.se Team

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