Russia and Norway will sign new agreement on seismic data to enlarge cooperation

The agreement between Norway and Russia on exchanging seismic data and it collection in the maritime border zone will provide new opportunities for oil & gas companies of the two countries to implement joint projects, Russia’s Minister of Natural Resources and Ecology Sergey Donskoy told TASS on Monday.

On Monday, the Russian minister met with Norway’s Minister of Petroleum and Energy Tord Lien. Donskoy said that 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, as it currently undergoes the last stage of coordination in Russia.

“Prospects for join development of trans-border deposits by Russian and Norwegian companies also depend on signing documents that we are preparing now. We hope that they will be ready by April, and the companies have a good opportunity to expand their joint activities,” Donskoy said.

Oil & gas companies will probably be able to carry out profitable projects in the Arctic, he noted. “I can say that 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,” he noted.

The sides also discussed operations of Russian companies on the Norwegian shelf and acquiring assets in Norway. The topic of ecology was also raised. Ecological problems were discussed in detail on Sunday at the meeting between Donskoy and Norway’s Minister of Climate and Environment Vidar Helgesen.