Russia and Norway will sign an agreement on exploration in the Arctic

© AP Photo / John McConnico, FileАрктика. Archival photoRussia and Norway will sign an agreement on exploration in the Arctic© AP Photo / John McConnico, File

Russia and Norway on Thursday signed an agreement on conducting exploration works in the former disputed area of the Arctic shelf, according to the Ministry of petroleum and energy of Norway.

The agreement was signed by oil Minister of Norway Kjell Borge a Freiberga (Kjell-Børge Freiberg) and the Minister of natural resources and ecology of the Russian Federation Dmitry Kobylkin. Earlier on Thursday the signing of this agreement was announced the environment Ministry.

«This agreement signed in the framework of the agreement on the division of areas from Sep 2010 and it will benefit both countries. It suggests the possibility for both countries to map potential resources up to and along the demarcation line,» said Kjell Borge.

In October 2016 the Ministry of natural resources reported that Russia and Norway are ready to sign an agreement that will determine the order of actions oil and gas companies in both countries, the development of the continental shelf in the Arctic — the collection of seismic data on the demarcation line on the continental shelf in the Barents sea and the Arctic ocean.

In 2010 Russia and Norway signed an agreement on the division of the so-called «gray zone» in the Barents sea, it entered into force in July 2011. Negotiations on Maritime delimitation between Russia and Norway began in 1970, and the agreement has enabled Russia and Norway to freely develop part of the Arctic shelf.

In August 2015, the Russian Federation submitted to the UN a revised proposal for the extension of the limits of the continental shelf in the Arctic due to the addition of the Lomonosov ridge and other entities that have a continental nature. Undiscovered potential resources of these fields amount to 4.9 billion tons of fuel equivalent.