Centrica plc, the parent company of British Gas, and Statoil ASA signed an extension to their Memorandum of Understanding (MoU) to collaborate on gas-focussed exploration opportunities in Norway and the UK.
The original MoU, which was signed in November 2011, has already resulted in the companies bidding jointly in the 27th UK North Sea licensing round. Today's agreement extends the MoU until June 2013.
Extending the MoU further cements the strategic relationship between the UK and Norway. Last year, Centrica signed a £13 billion 10-year gas supply agreement with Statoil that secures sufficient gas to meet around five per cent of total UK annual demand - around 3.5 million homes.