Russian Ministry of Natural Resources, Norway’s Petroleum and Energy Ministry ink MoU
The Ministry of Natural Resources and Environment of the Russian Federation and the Ministry of Petroleum and Energy of the Kingdom of Norway signed a Memorandum of Understanding (MoU), the Russian Ministry’s press service reported.
The MoU confirms and continues the dialogue between the countries in managing oil and gas resources, the environment, and on the promotion of investment projects with participation of companies from the States, the report said.
The meeting focused on practical implementation of the signed on 15 September 2010 Agreement on Maritime Delimitation and Cooperation in the Barents Sea and the Arctic Ocean, which will come into force on 7 July 2011. The Parties noted that the MoU confirms the willingness of both countries to beginning the work on the contract.
During the meeting, Russian Minister Yuri Trutnev and his counterpart Ola Borten Moe discussed the improvement of legislation in the regulation of natural resources. Yuri Trutnev said that Ministry of Russia is developing a number of bills toughening environmental requirements for oil and gas sector. He added that the Russian Federation had introduced new regulations on flare gas utilization; the figure for 2012 will be increased to 95%.
