A 15 year contract has been signed by Norway's Statoil to supply 1.6 billion cubic metres of natural gas a year to Britian, as stated by the Financial Times.
The natural gas will be supplied to British Company BP through the new gas pipe line Vesterled which opens on October 1st. The contract is worth NOK 20 billion.
"Statoil is very satisfied with this contract. The UK gas market is attractive for us because of its size, the proximity to Statoil's reserves and the market growth potential", says Rune Bjornson, managing director of Statoil's UK subsidiary.
By 2006, the government predicts that the UK will be importing up to 15 per cent of its gas.