In 2009, crude oil, natural gas, and pipeline transport services accounted for almost 50 percent of Norway's exports value, 22 percent of GDP, and 27 percent of government revenues according to the Norwegian Petroleum Directorate.
Although Norway's oil production peaked in 2001 at 3.42 million barrels per day (bbl/d) and has declined to reach 2.35 million bbl/d in 2009, natural gas production has been steadily increasing since 1993, reaching 3.65 trillion cubic feet (Tcf) in 2009.
In April 2010, Norway and Russia signed an historic agreement dividing the Barents Sea into 2 equal parts, defining maritime boundaries between Norway and Russia in the Arctic sea and resolving their 40-year old dispute. This agreement followed the June 5, 2009, three-year Memorandum of Understanding between Russia's Gazprom and Norway's Statoil to work together in exploring and developing their Arctic sea regions. The two companies are currently working on development of the Shtokman gas field.
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