The chapter presents and discusses main characteristics of Norwegian and Russian offshore petroleum policy in the Arctic and the relationship between the two countries in this sphere. The stability of the jurisdictional arrangements in the Arctic is of major importance both for the regional peace and security and the development of the Arctic’s mineral and energy resources, particularly oil and gas. The chapter discusses major and recent developments with regard to jurisdiction and delimitation on the Arctic continental shelf: How can the delimitation agreement between Norway and Russia in the Barents Sea be explained, and, what is the outlook for conflict surrounding the Russian claim for an extended shelf in the Arctic Ocean?