Norwegian Petroleum and Energy Minister Torhild Widvey and British Energy Minister Stephen Timms held an upbeat joint press briefing this morning. High on the list of topics discussed was the ongoing negotiations concerning a cross-continental-shelf trade treaty.

The months following last year's framework agreement have seen ongoing discussions that will lead to the treaty. Both Ministers are optimistic that the treaty can be finalised in the course of this year.

Time is crucial as new elections and aging infrastructure can hinder the economic outcome. Both Ministers emphasise that negotiations are going as planned and everything is on track.

Other topics discussed included the balance between cross-shelf co-operation in terms of small companies' access to both sides of the continental shelf. Cost reduction on the NCS is also another area for further investigation and discussion.

The Norwegian Ministry's White Paper presented to the Parliament was not a topic for discussion, as the issue is considered is a closed case for the moment. Rather, the focus for the moment is on industry's need to cut costs.