From Reuters: Russia said on Friday it would welcome joint oil and gas works with Norway on the Barents Sea and a deal was possible next year to close a decades-long dispute between the two major energy producers.

Russia’s resources ministry said in a statement Norway had proposed to sign a memorandum in the first half of next year after Russia proposed to jointly explore and produce energy in the disputed areas of the Barents Sea and the Arctic…

Russia is in a race with NATO members Canada, Denmark, Norway and the United States to control reserves of oil, gas and precious metals that could become more accessible if the Arctic ice cap shrinks because of climate change…

Experts have said Moscow and Oslo are poised to find a compromise over the grey zone soon as relations between the two states improved after Moscow invited Norway’s Statoil to tap Russia’s giant Barents Sea Shtokman gas deposit. (photo: Getty)