By Cassie Chambers
Over 1,600 jobs will be created in the UK as part of an initiative to secure the nation's long-term energy supply, according to prime minister David Cameron's speech in Oslo yesterday.
The UK-Norway energy partnership, a bilateral agreement between the UK and Norway, will focus on strengthening the energy links between the two countries, with the goal of ensuring a secure and affordable energy supply for both countries into the future.
At the heart of the partnership will be a joint business advisory group to find ways to incentivize investment and encourage innovative energy technologies.
The executives of ten major energy companies, worth a combined £400 billion, are set to take part in the initiative, working together on issues such as environmentally sensitive oil exploration, electricity interconnection, and stable long-term oil and gas supplies.
The partnership stems from the increasing interdependency of the energy sectors in the UK and Norway. Currently, Norway meets one-quarter of the UK's energy demands. The UK has, in turn, invested more than £13 billion in Norwegian oil and gas.
When discussing his relationship with the Norwegian prime minister, David Cameron said: "One of the most important challenges that Prime Minister [Jens] Stoltenberg and I face is how we meet our growing energy demands.
"Affordable, secure energy from trusted and reliable partners is critical to this, and there is no stronger energy partnership than between Britain and Norway."
Mr Cameron's visit was the first by a British prime minister to Norway in over 25 years. He said he has "been looking forward to putting that right", stating that the UK and Norway are not linked solely because of geography but also because of their "liberal values and a belief in enterprise, innovation and growth".