For geographic, economic and historical reasons, Russia and Norway tend to be natural partners in the development of Arctic offshore petroleum resources. The article outlines key potential areas of such cooperation: joint prospecting and development of oil&gas fields (including new opportunities arising from the recent delimitation of the Barent Sea), supply industry, applied study of the ‘Norwegian model’ for managing petroleum cluster, cooperation in petroleum-related education. Practical examples are given, including notably the experience of Shtokman Development AG, the first JV with Russian and Norwegian investments to develop a natural gas field in the Arctic.