| Code: 176460 |

Norway's Minister of Petroleum and Energy Kjell-Børge Freiberg and his Russian colleague, Minister of Natural Resources and Environment Dmitry Kobylkin signed an agreement on mutual rights to seismic acquisition in the Barents Sea.

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Norway's Minister of Petroleum and Energy Kjell-Børge Freiberg and his Russian colleague, Minister of Natural Resources and Environment Dmitry Kobylkin signed an agreement on mutual rights to seismic acquisition in the Barents Sea.

The agreement comes after the signing of the Delimitation Agreement in September 2010. It incorporates a better possibility for both countries to map the resource potential up to, and along the delimitation line, the Norwegian Minister of Petroleum and Energy, Kjell-Børge Freiberg noted.

Both countries are currently trying to map the resources on their respective side of the delimitation line in the Barents Sea. The new agreement will include a right for seismic vessels from both countries to cross the delimitation line and use their seismic equipment within a distance of 5 kilometers on the continental shelf of the other country.

This will secure both countries the possibility to acquire good quality seismic data up to, and along the delimitation line. Such data are crucial in case of a discovery of oil and gas extending across the delimitation line.

According to the Delimitaion Agreement of 2010, such discoveries shall be subject to unitization.

 

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