Editing Barents Sea (section)

==Economy==

===Political status===
{{further|Norway–Russia border}}
[[File:Signing of the Russian-Norwegian Treaty on Maritime Delimitation and Cooperation in the Barents Sea and the Arctic Ocean..jpeg|thumb|Signing of the Russian-Norwegian Treaty, 15 September 2010]]
For decades there was a boundary dispute between Norway and Russia regarding the position of the boundary between their respective claims to the Barents Sea. The Norwegians favoured a [[Equidistance principle|median line]], based on the [[Convention on the High Seas|Geneva Convention of 1958]], whereas the Russians favoured a [[Meridian (geography)|meridian]]- based sector line, based on a Soviet decision of 1926.<ref name="Dore1995"/> A neutral "grey" zone between the competing claims had an area of {{convert|175000|km2}}, which is approximately 12% of the total area of the Barents Sea. The two countries started negotiations on the location of the boundary in 1974 and agreed to a moratorium on hydrocarbon exploration in 1976.

Twenty years after the fall of the Soviet Union, in 2010 Norway and Russia signed an agreement that placed the boundary equidistant from their competing claims. This was ratified and went into force on 7 July 2011, opening the grey zone for [[hydrocarbon exploration]].<ref name="mt20110707">{{cite web |url=http://www.themoscowtimes.com/business/article/arctic-treaty-with-norway-opens-fields/440178.html |title= Arctic Treaty With Norway Opens Fields |first=Howard |last=Amos |work=[[The Moscow Times]] |date=7 July 2011 |access-date=2 July 2014 }}</ref>

===Oil and gas===
{{further|List of oil and gas fields of the Barents Sea}}

Encouraged by the success of [[oil exploration]] and production in the [[North Sea oil|North Sea in the 1960s]], Norway began [[hydrocarbon exploration]] in the Barents Sea in 1969. They acquired seismic reflection surveys through the following years, which were analysed to understand the location of the main [[sedimentary basin]]s.<ref name="Dore1995"/> [[Statoil|NorskHydro]] drilled the first [[Oil well|well]] in 1980, which was a dry hole, and the first discoveries were made the following year: the Alke and Askeladden gas fields.<ref name="Dore1995"/> Several more discoveries were made on the Norwegian side of the Barents Sea throughout the 1980s, including the important [[Snøhvit|Snøhvit field]].<ref name="OT1">{{cite web | title = Snøhvit Gas Field, Norway | publisher = Offshore Technology| url = http://www.offshore-technology.com/projects/snohvit-field/ | access-date = 2 July 2014}}</ref>

However, interest in the area began to wane due to a succession of dry holes, wells containing only gas (which was cheap at the time), and the prohibitive costs of developing wells in such a remote area. Interest in the area was reignited in the late 2000s after the Snovhit field was finally brought into production<ref name="Statoil1">{{cite web |title = Snøhvit |publisher = Statoil Website |url = http://www.statoil.com/en/ouroperations/explorationprod/ncs/snoehvit/pages/default.aspx |access-date = 2 July 2014 |archive-date = 1 May 2016 |archive-url = https://web.archive.org/web/20160501233005/http://www.statoil.com/en/OurOperations/ExplorationProd/ncs/snoehvit/Pages/default.aspx |url-status = dead }}</ref> and two new large discoveries were made.<ref name=tb20120110>{{cite news|title=Norway Makes Its Second Huge Oil Discovery In The Past Year|url=http://www.businessinsider.com/norway-makes-its-second-huge-offshore-oil-discovery-of-the-year-2012-1|agency=Associated Press|date=January 9, 2012|quote=a well drilled in the Havis prospect in the Barents Sea proved both oil and gas at an estimated volume of between 200 million and 300 million barrels of recoverable oil equivalents.}}</ref>

The Russians began exploration in their territory around the same time, encouraged by their success in the [[Timan-Pechora Basin]].<ref name="Dore1995"/> They drilled their first wells in the early 1980s, and some very large gas fields were discovered throughout this decade. The [[Shtokman field]] was discovered in 1988 and is classed as a [[Giant oil and gas fields|giant]] gas field: currently the [[List of natural gas fields|5th-largest gas field in the world]]. Similar practical difficulties Barents Sea resulted in a decline in Russian exploration, aggravated by the nation's political instability of the 1990s.

===Fishing===
[[File:Honningsvåg 2013 06 09 3495 (10319135545).jpg|thumb|[[Honningsvåg]] is the most northerly fishing village in Norway]]
The Barents Sea contains the world's largest remaining cod population,<ref name="WWF1">{{cite web | title = The Barents Sea Cod – the last of the large cod stocks | publisher = [[World Wildlife Foundation]] | url = http://wwf.panda.org/about_our_earth/all_publications/?12982/The-Barents-Sea-Cod-the-last-of-the-large-cod-stocks| access-date = 4 July 2014}}</ref> as well as important stocks of haddock and capelin. Fishing is managed jointly by Russia and Norway in the form of the [[Joint Norwegian–Russian Fisheries Commission]], established in 1976, in an attempt to keep track of how many fish are leaving the ecosystem due to fishing.<ref>{{cite web|url=http://www.fni.no/projects/norwegian_russian_fisheries_commission.html|title=The History of the Joint Norwegian-Russian Fisheries Commission|access-date=2014-07-07|archive-date=2014-07-14|archive-url=https://web.archive.org/web/20140714161027/http://www.fni.no/projects/norwegian_russian_fisheries_commission.html|url-status=dead}}</ref> The Joint Norwegian-Russian Fisheries Commission sets Total Allowable Catches (TACs) for multiple species throughout their migratory tracks. Through the Commission, Norway and Russia also exchange fishing quotas and catch statistics to ensure the TACs are not being violated.

However there are problems with reporting under this system, and researchers believe that they do not have accurate data for the effects of fishing on the Barents Sea ecosystem. Cod is one of the major catches. A large portion of catches are not reported when the fishing boats land, to account for profits that are being lost to high taxes and fees. Since many fishermen do not strictly follow the TACs and rules set forth by the Commission, the amount of fish being extracted annually from the Barents Sea is underestimated.

===Barents Sea biodiversity and marine bioprospecting===
[[File:Nordkapp landscape Barents Sea.jpg|thumb|left|[[North Cape (Norway)|Nordkapp]] on the Barents Sea]]
The Barents Sea, where temperate waters from the Gulf Stream and cold waters from the Arctic meet, is home to an enormous diversity of organisms, which are well-adapted to the extreme conditions of their marine habitats. This makes these arctic species very attractive for marine [[bioprospecting]]. Marine bioprospecting may be defined as the search for bioactive molecules and compounds from marine sources that have new, unique properties and the potential for commercial applications. Amongst others, applications include medicines, food and feed, textiles, cosmetics and the process industry.<ref name="pmid24078803">{{cite journal |vauthors=Svenson J|date=May 2012 |title=MabCent: Arctic marine bioprospecting in Norway|journal=Phytochemistry Reviews|volume=12 |issue=3 |pages=567–578 |doi=10.1007/s11101-012-9239-3|pmid=24078803|pmc=3777186}}</ref><ref name=" regjeringen2009">{{cite web|last1=Nasjonal Strategi 2009|title=Marin bioprospektering – en kilde til ny og bærekraftig verdiskaping|url=http://www.regjeringen.no/upload/FKD/Vedlegg/Diverse/2009/Marin_bioprospektering_080909_lavoppl.pdf |archive-url=https://web.archive.org/web/20141028093509/http://www.regjeringen.no/upload/FKD/Vedlegg/Diverse/2009/Marin_bioprospektering_080909_lavoppl.pdf |archive-date=2014-10-28 |url-status=live}}</ref>

The Norwegian government strategically supports the development of marine bioprospecting as it has the potential to contribute to new and sustainable wealth creation. Tromsø and the northern areas of Norway play a central role in this strategy. They have excellent access to unique Arctic marine organisms, existing marine industries, and R&D competence and infrastructure in this region. Since 2007, science and industry have cooperated closely on bioprospecting and the development and commercialization of new products.<ref name="pmid24078803"/><ref name="regjeringen2009"/>