UK and Norway to form new energy partnership

6 June 2012 (Last Updated June 6th, 2012 18:30)

The UK and Norway will form a new energy partnership to help secure affordable power supplies through increased long-term co-operation.

The UK and Norway will form a new energy partnership to help secure affordable power supplies through increased long-term co-operation.

The partnership will lead to the investment of tens of billions of pounds by energy firms in the UK, paving the way for the creation of 1,300 new jobs in Chiswick, West London.

As part of the partnership, both countries will focus on leveraging increased private investment in renewable technologies and energy grids, two-way investment in oil and gas exploration and affordable long-term gas supply.

Prime Minister David Cameron was quoted by Associated Press as saying that the delivery of sustainable energy supplies to meet ever-growing demand as one of the most important challenges the two nations face.

Cameron said: "Affordable, secure energy from trusted and reliable partners is critical to this.

"This will mean more collaboration on affordable long-term gas supply, more reciprocal investment in oil and gas and renewables, and - underpinning all of this - a set of major new business deals creating thousands of new jobs and adding billions to our economies."

Companies from UK have invested £13bn in the Norwegian oil and gas sector, which currently supplies more than 25% of the UK's annual energy needs.

The partnership is expected to bring down energy bills down in the UK, and create more than 1,600 jobs.