Agreement between Russia and Norway to exploit the oil of the Barents Sea

Agreement between Russia and Norway to exploit the oil of the Barents Sea

Murmansk : Russia | Jun 07, 2011 at 3:28 PM PDT
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Barents Sea trawling (2)

Norway and Russia reached agreement on sharing the wealth of the Barents Sea near the Arctic continent. And was attended by Russian Foreign Minister Sergei Lavrov and Secretary of the Danish Leona neighbor Rudolf signing ceremony today at a ceremony in the Norwegian capital Oslo.

Agreement came after decades of negotiations between the two countries over the exploitation of the remote region, which has an area of ​​68 thousand square kilometers.

The most important underlying wealth under the waters of the Barents Sea are oil and gas, has been ratified by the Parliament in each of the two countries on the agreement will enter into force as of the seventh day of the month of July.

The phenomenon of global warming and one of the most important reasons to make the Barents Sea are subject to commercial exploitation, where melted huge blocks of ice which allowed commercial traffic to move in that sea that is within the scope of Antarctica, North, and the port of Murmansk, Russia's most important ports, which overlooks it.

Experts say that the melting of ice in that sea might open new global shipping routes between Russia and the rest of Europe. But more importantly at this stage is the exploitation of petroleum, where oil companies have expressed an interest in two oil wealth inherent in the bottom of the Barents Sea. It is estimated that the U.S. Geological that region were probably contain not less than 30 per cent of the world's proven reserves of oil and gas finder.

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Agreement between Russia and Norway to exploit the oil of the Barents Sea
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