Norwegian Prime Minister Jens Stoltenberg hosted Medvedev to discuss bilateral relations during an arctic council forum in Norway. Medvedev said the signing of a treaty on maritime borders was a win for both sides.
The Russian government estimates its part of the Barents Sea could hold as much as 33 billion barrels of oil. Medvedev said Russian oil companies were already preparing to work together with their Norwegian counterparts.
"These projects are so enormous that one state, one company would be unable to cope with them," he said in a statement published Tuesday by state news agency RIA Novosti.
Stoltenberg was no less upbeat about the bilateral relationship with Russia.
"This trust and the extensive contact between our countries have strengthened cooperation between Norway and Russia, not least in the north," he said in a statement.