Statoil Inks Deal to Deliver More Gas to the UK

A 10-year agreement to deliver 500 million cubic meters of gas per annum from October 2007 has been concluded by Statoil with the Scottish Power gas and electricity supplier in the UK.

"This deal will help to strengthen our position in the British market," says Rune Bjørnson, executive vice president for the Natural Gas business area.

"It also contributes to greater utilization of our increased transport capacity to the UK."

The gas will be delivered to the National Balancing Point, a hub for gas sales to the British market.

Statoil already has long-term contracts with BP and Centrica subsidiary British Gas Trading, as well as deals with major industrial groups for deliveries to the UK.

Britain is a key outlet for the group because of its growing demand for imported gas and proximity to the Norwegian continental shelf.

Statoil is ambitious to expand deliveries substantially when the southern leg of the Langeled trunkline becomes operational next year.

This pipeline will also begin transporting gas from the Ormen Lange field in the Norwegian Sea in 2007.

Statoil has about 10 percent of the UK gas market.


Our Privacy Pledge

Most Popular Articles
Related Articles

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours