Norway eager to explore oil in border areas
Norway will start collecting petroleum-related data from the formerly disputed areas in the Barents Sea as soon as Russia ratifies the delimitation treaty on the region.
The eastern part of the Barents Sea might become the main new focus area of the Norwegian oil industry. Well-informed sources in the Norwegian government confirm that the mapping of the area will start as soon as Russia ratifies, newspaper VG reports.
The enhanced focus on the recently delineated border areas to Russia is also part of the Norwegian government compromise on the Lofoten waters as announced on Friday.
Read also: No to Lofoten, yes to Barents Sea
The quick collection of data from the areas is a key element in the Treaty on the maritime delimitation of the Barents Sea and Arctic, experts say. The agreement includes clear procedures on how to proceed with petroleum exploration. If one of the countries wants to issue a license to one of the fields stretching across the border, the other country will in the course a certain period have to display its knowledge about the field. The country which has most of the field resources on its side will subsequently get the operator responsibilities. However, the operator country will still have to share both risks and revenues with the neighbor depending on the share of the resources located on its side of the border.
The regulations are to prevent that one of the countries drills and empties cross-border fields, VG reports.
Read also: Trans-border gas production in Barents Sea
While the Norwegian parliament (Storting) ratified the treaty in early February, while the Russian State Duma is expected to ratify the deal in the course of March.
