Prime Minister David Cameron signed a “landmark” agreement in Oslo today with Norwegian Prime Minister Jens Stoltenberg strengthening energy links between the UK and Norway.
The agreement focuses on safe and environmentally sensitive oil and gas exploration, long term gas supplies, investment in renewable energy and electricity interconnection.
Mr Cameron said: “This will mean more collaboration on affordable long term gas supply, more reciprocal investment in oil, gas and renewable energies and more commercial deals creating thousands of new jobs and adding billions to our economies.”
The two leaders also met with senior executives from ten leading energy companies including Shell and Statoil to discuss the business links between the two countries.
At the meeting, Norwegian oil services firm Aker Solutions announced it will create 1,300 new jobs by 2015 at its engineering hub in Chiswick, while Statoil said it means to pump £12billion into its Mariner Bressay North Sea oil fields across its lifetime.
Today the UK and Norway said “good progress” is being made on two projects to connect the countries’ electricity supply with a subsea cable.
The two countries will also set up a joint business advisory group so companies can talk to government directly on a regular basis about how to help incentivise investment; develop the supply chain particularly for SMEs and encourage new technologies such as carbon capture and storage.
Norway supplies over a quarter of the UK’s energy demand. In the past five years, British companies have invested more than £13 billion in Norwegian oil and gas.