Russia and Norway may start granting licenses to develop offshore deposits in the Barents Sea and the Arctic Ocean in 2013-2014 under a bilateral sea border agreement, Russia’s Natural Resources Ministry said. The Russian-Norwegian agreement on delimiting the sea border and cooperation in the Barents Sea and the Arctic Ocean will come into force on July 7, 2011. The agreement opens new opportunities for the oil and gas industry in the northern regions, the ministry said after a bilateral meeting on the prospects of geological works in the area. Read More
