Barents border treaty in force now
Both Norway and Russian can from today start mapping the hydrocarbon potential of the delimited waters in the Barents Sea. A Norwegian seismic vessel is already on its way to the area.
One month after the exchange of ratification documents, the Norwegian-Russian treaty comes into force. On the seventh of June, the Norwegian and Russian foreign ministers exchanged the documents in a ceremony in Oslo. On the seventh of July, the forty years of unsettled border relations in the Barents Sea have come to an end.
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With the agreement having come into effect, both countries can start to explore the natural resource potential of the area. Norway is eager to map the huge area believed to be highly promising by the oil industry. When visiting the town of Kirkenes on the Barents Sea coast on 8 June, the day after his meeting with Sergei Lavrov, Norwegian Premier Jens Stoltenberg stressed that “we will start the survey of petroleum resources in the earlier disputed area from day one when the agreement between Norway and Russia enters force”.
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The prime minister’s words are being implemented. The seismic vessel Harrier Explorer is currently on its way to the area. The 81 meter long vessel is expected to spend about three months in the Barents Sea.
Russian studies made in the formerly closed zone in the 1980s indicate that there might be significant volumes of oil and gas in the area. Since then, there has been a moratorium on exploration in the area.
Read also:Trans-border gas production in Barents Sea
Also Russian companies are highly interested in the area. As recently reported, the state-owned Zarubezhneft has already signaled its interest in getting the license for the Fedinsky High field, an area on the Russian side consider highly prospective.
