| Details: | Timms and Steensnaes sign up to enable key gas supply deals
UK Energy Minister, Stephen Timms today signed up to an agreement that has the potential to fulfil up to a fifth of the UK's annual gas demand. The deal will take a substantial step towards addressing and overcoming Britain's predicated reliance on imported gas in the latter half of the decade.
Mr Timms met with his Norwegian counterpart, Einar Steensnaes in Oslo today to co-sign an agreement on principles that will be incorporated in a new Framework Treaty for future cross-border oil and gas co-operation between the two countries.
Today's agreement provides a firm basis for new investments by industry, most notably the proposed "Britpipe" project from the Ormen Lange field that will bring an estimated 20 bcm/pa (billion cubic metres per annum) from winter 2006/7 - some 20 per cent of the UK's current annual demand.
The regulatory terms for a prospective link between Norway and UK dry gas infrastucture has also been agreed.
Mr Timms and Mr Steensnaes issued a joint statement today along with a more detailed document, and its accompanying annexes, setting out the key principles in more detail. |
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