The two countries signed a joint declaration late Tuesday outlining the extent of each nation's arctic territory, the EUobserver reported Wednesday.
"This is a historic day," said Norwegian Prime Minister Jens Stoltenberg. "We have reached a breakthrough in the most important outstanding issue between Norway and the Russian Federation."
Russian President Dmitri Medvedev told reporters the agreement "will open the way for many joint projects, especially in the area of energy."
The accord calls for a maritime delimitation line that divides a disputed area of the Arctic shelf into two parts of roughly the same size.
It also provides for fisheries and oil and gas cooperation between Moscow and Oslo with language calling for the two countries to work together to manage marine life.
Swim Week Miami Beach 2014 [PHOTOS]