The agreement between Norway and Russia on collecting and exchanging seismic data in the maritime border zone will open new frontiers for fuel companies.
According to Russia’s Minister of Natural Resources and Ecology Sergey Donskoy, oil and gas giants of the both countries will get an opportunity to implement joint projects.
The Russian minister met with Norway’s Minister of Petroleum and Energy Tord Lien. They discussed signing an agreement on exchanging seismic data and collecting it along the demarcation line on the continental shelf in the Barents Sea and Arctic Ocean. The sides hope to sign the document by the end of 2016, TASS reports.
Oil & gas companies will probably be able to carry out profitable projects in the Arctic.
"All companies that made an emphasis on increasing effectiveness lately, have been able to achieve considerable results - on absence of losses, use of new technologies, observation of ecological rules and so on," he added. "Work continues, and we think that this direction will also continue to develop," Russian minister noted.
The sides also discussed operations of Russian companies on the Norwegian shelf and acquiring assets in Norway. Ecological problems was also raised.