Wednesday, June 08, 2011
Deutsche Presse-Agentur (dpa)
Norway said it has begun preparations for oil and gas exploration in an uncharted section of the Barents Sea after solving a long-running demarcation row with Russia.
"We will start charting the previously disputed area as soon as the demarcation treaty comes into effect," Prime Minister Jens Stoltenberg said.
The foreign ministers of both countries on Tuesday exchanged documents on the new delimitation agreement, earlier approved by the parliaments of both countries. The treaty enters into force July 7.
Melting ice in the Arctic due to global warming has opened the region for exploration. The Barents Sea region is believed to host rich oil and gas reserves. There was also potential for new shipping routes.
Norway and Russia last year agreed on the demarcation of the area off northern Norway. The talks opened in 1970.
Stoltenberg said he envisaged closer cooperation with Russia, both between government agencies and businesses.
The Norwegian government has reserved 29 million dollars for seismic tests of the seabed in the Norwegian section of the Barents Sea.
The tests were necessary to assess the potential finds in the area, said Ole Borten Moe, minister of petroleum and energy.
Copyright 2011 dpa Deutsche Presse-Agentur GmbH
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