A treaty between the UK and Norway that will pave the way to a USD 2 billion worth of additional North Sea oil and gas investment by 2010 is expected to be signed early next year. Britain’s energy minister Brian Wilson and his Norwegian counterpart, Einar Steensnaes, yesterday pledged their support for the treaty. The investment has been identified in a blueprint drawn up by a UK-Norwegian working party comprising North Sea leaders – including Aberdeen-based Wood Group chairman Sir Ian Wood and Shell Expro UK managing director Tom Botts – and is contained in a 60km-wide corridor spanning the current boundary between the North Sea’s two biggest producers. More than 60 oil and gas discoveries gathering dust on both sides of the line have been earmarked as candidates for development, while a further 75 UK discoveries currently not deemed commercial may also make the grade in the future.
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