Centrica and Statoil (OSE:STL;NYSE:STO) have signed an extension to their memorandum of understanding (MoU) to collaborate on gas-led exploration opportunities offshore Norway and the UK.
Offshore staff
WINDSOR, UK – Centrica and Statoil (OSE:STL;NYSE:STO) have signed an extension to their memorandum of understanding (MoU) to collaborate on gas-led exploration opportunities offshore Norway and the UK.
The original MoU, signed last November, has resulted in the companies bidding jointly in theUK’s 27th North Sea licensing round. They have agreed to extend the MoU until June 2013.
In 2011, Centrica signed a $20-billion, 10-year gas supply agreement with Statoil to secure gas to meet about 5% of total UK annual demand.
Recently, Centrica completed the acquisition of Statoil’s package of producing and development oil and gas interests in theNorwegian North Sea for $1.55 billion, increasing its reserves by 29%.
