First licenses in Barents Sea may be issued 2013-2014
Norway and Russia have agreed that issue of licenses for shelf developments in the recently delineated area in the Barents Sea can begin in 2013-2014.
Norway’s Minister of Petroleum and Energy Ola Borten Moe and Russia’s Minister of Natural Resources and Ecology Yury Trutnev met in Moscow to discuss how the delineation agreement of September 15 2010 can be put into practice.
Both sides expressed great expectations to the potential that the delineated area represents and emphasized the opportunities for the oil and gas industry in the northern regions.
- I am optimistic about the perspectives for the northern regions after we reached an agreement on the delineation of the Barents Sea, Ola Borten Moe said after the meeting, the ministry’s web site reads. – Everything is set for cooperation on all levels, also between Norwegian and Russian companies.
The two ministers signed a Memorandum of Understanding stating that the countries will continue the dialogue on management of oil and gas resources, ecology and investments.
Read also: New initiatives in the Barents Sea
The two countries, represented by Deputy Minister of Natural Resources and Ecology Sergey Donskoy and Statoil’s Senior Vice President Pål Haremo, agreed that licenses to develop offshore deposits in the Barents Sea and the Arctic Ocean can be issued from 2013-2014, the Russian ministry’s web site reads.
Norway and Russia plan to set up consortiums to develop promising offshore deposits taking into account the harsh environmental conditions of the North, lack of infrastructure and technological problems.
