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News // Oil and gas worldwide

Norway, Russia Resolving 30 Years Old Problem

14 November 2005 , 09:16444
Norwegian and Russian foreign ministers are on talks to resolve a decades-old dispute over a shared border in the Barents Sea.

Disagreement between Moscow and Oslo about how to demarcate the border stretching into the Arctic Sea has made the 173,000-square-kilometer disputed area, which is estimated to hold 12 billion barrels of oil, which are untouchable for exploration and development for the past 30 years.

Cooperation could help unlock Barents Sea resources estimated to total 40 billion barrels.

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