Published 05th May, 2010
Norway and Russia appear to have reached a compromise over the disputed oil and gas-rich Barents Sea.
Apparently only "technical details" remain to be solved before a treaty is signed between the two nations to exploit the Barents Sea and the possible gas and oil reserves that lie beneath it.
The dispute over the 175,000-square kilometre area has been in play since the early 1980s when Russia - then the Soviet-Union - began exploratory drilling. Objections from the Norwegian government stopped the activity, but no progress had been made on resolving the issue until now.
Russian President Dmitry Medvedev and Norway's Prime Minister Jens Stoltenberg held a joint media conference at which they announced that the region would be "divided in a fair way", although no date for the final treaty has been set.