Norway, Britain sign sweeping energy deal

An agreement to cooperate on renewable and conventional energy resources with Norway is key to long-term energy security, a British official said. The British government said it had a long and sustainable relationship with Norway based on its development of oil and natural gas reserves. Norwegian energy company Statoil announced this week that it estimated there were 900 million-1.5 billion barrels of recoverable oil equivalent at its Aldous/Avaldsnes oil field in the North Sea. Energy ministers from both countries met in London to sign an agreement on renewable energy, oil and gas and technology needed to curb greenhouse gas emissions, the British government announced. British Energy Minister Charles Hendry, in a statement, said the agreement "confirms the importance of Norwegian natural gas to U.K. energy needs as an essential part of our longer term energy security and it boosts cooperation on carbon capture and storage and the development of renewable energy and interconnection." Hendry signed the agreement with Norwegian Minister of Petroleum and Energy Ola Borten Moe.