A compensated barrier and lubrication fluids pressure regulation system for a subsea motor and pump module is disclosed. The system comprises a hydraulic fluid supply, a barrier fluid circuit, and a lubrication fluid circuit. Hydraulic fluid in the barrier fluid circuit is pre-tensioned towards a motor by a first separating pressure compensator which is responsive to the pressure in the lubrication fluid circuit and which applies the sum of the pressure in the lubrication fluid circuit and an inherent pre-tensioning pressure to the barrier fluid circuit. Hydraulic fluid in the lubrication fluid circuit is pre-tensioned towards a pump by a second separating pressure compensator which is responsive to a pumped medium pressure at a suction side or at a discharge side of the pump and which applies the sum of the pumped medium pressure and an inherent pre-tensioning pressure to the lubrication fluid circuit.