Norwegian Prime Minister Bondevik and Russian Prime Minister Fradkov have today signed a Joint Declaration on Energy Cooperation in Moscow. The Declaration states the interest of the two countries to formulate conditions to promote a comprehensive development and management of the petroleum resources in the northern areas. Norwegian Minister of Petroleum and Energy, Thorhild Widvey, was present when the Declaration was signed.

- This Declaration will form the basis for increased value creation in the northern areas by further development of the political and industrial partnership between our two countries, says Minster of Petroleum and Energy Thorhild Widvey. The petroleum sector will be pivotal for the further development on both the Norwegian and the Russian side of theBarents Seaunderlines the Minister.

The Parties will cooperate to develop common standards and principles for sustainable development of the petroleum sector in the Barents Sea. Further, the Parties agree to contribute to development of joint oil and gas projects on a commercial basis. The Parties have also agreed to strengthen and further develop their cooperation as regards hydro power and other renewable sources of energy.

- Through this Declaration, we contribute to an active dialogue and cooperation on a government level on important resource- and environmental issues regarding the petroleum activities in the northern areas. Moreover, this Declaration will facilitate a good cooperation between companies within the petroleum sector on both the Norwegian and the Russian side, within areas such as exploration, development, production and transport, says Minster of Petroleum and Energy Thorhild Widvey.

The Joint Declaration on Energy Cooperation (in Norwegian only – pdf format)