Offshore staff

OSLO, Norway – Russia and Norway have signed an agreement on mutual rights to acquire seismic in the Barents Sea.

This is a follow-up to the signing of the Delimitation Agreement in September 2010.

According to Kjell-Børge Freiberg, the Norwegian Minister of Petroleum and Energy, it will allow both countries to map the resource potential up to, and along the maritime delimitation line in the Barents Sea.

Currently they are each mapping resources on their respective side of this line. Under the new accord seismic vessels from both countries will also be allowed to cross the delimitation line and use their seismic equipment within 5 km (3.1 mi) of the continental shelf of the other party.

This should allow both sides to acquire good quality seismic up to, and along the delimitation line, which could be important should an oil and gas discovery extend across the border.

The 2010 agreement states that any such discoveries will be subject to unitization.

10/29/2018