New initiatives in the Barents Sea
Norway’s future center for oil and gas lies in the eastern parts of the Barents Sea, believes the country’s Minister of Petroleum and Energy Terje Riis-Johansen.
The minister called September 15, when Norway and Russia signed an agreement on delimitation of the Barents and Polar Sea “a historical date”, and said that the clarification of the relations between the two countries was extremely important. – This will create new initiatives in the Barents Sea, he said, according to Nettavisen.
The agreement between Norway and Russia will give basis for increased activity and more cooperation between the two neighboring countries, Riis-Johansen said: - This opens up for activity, wealth creation, spin-off effects and enhanced cooperation both on a governmental level and between our industrial actors.
Both Russia’s President Dmitry Medvedev and Norway’s Prime Minister Jens Stoltenberg have underlined the huge possibilities that lie in the delimitation agreement. - The road lies open for Russian-Norwegian joint ventures in the area, Medvedev said after the signing of the agreement in Murmansk.
Read also: Stoltenberg: Maritime border deal inaugurate a new era
Energy is one the key elements behind the historic Norwegian-Russian deal. Norway and Russia – two countries heavily dependent on hydrocarbon production – needed to compromise on the border delineation in order to release the major potential of the area. Experts believe the formerly disputed waters hide significant resources of both oil and gas.
Riis-Johansen believes the regional spin-off effects from the petroleum sector can be big, and pointed to Hammerfest, the Arctic town that has experienced economical upturn and increased population after the start-up of the Snøhvit gas field.
Read also: The new Norwegian-Russian gas partnership
