UK And Norway Signed an GBP12 Billion Agreement

Platts reported that UK and Norway signed an agreement wherein Statoil (NYSE:STO) will invest GBP12 billion ($18.6 billion) to develop heavy oil fields in the North Sea.

As quoted in the market news:

The intergovernmental agreement was initially set up last October between the UK and Norwegian energy ministers, hinging on the creation of a “One North Sea” policy and greater cooperation in energy and climate issues.

Click here to read the full Platts report.