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Statoil enters into new UK gas agreement

Statoil and SSE (Scottish and Southern Energy plc) have agreed to enter into a 10 year gas supply agreement to an existing power plant.

The companies have signed a heads of agreement for an annual volume of 0.5 billion cubic metres of natural gas, to SSE’s Peterhead gas power plant in Aberdeenshire in Scotland. The delivery is due to start up in the 4th quarter of 2012.

“We are very pleased about today’s announcement which confirms the competitiveness of our Norwegian gas portfolio,” says Rune Bjørnson, Statoil’s senior vice president for Natural Gas.

“It is also an illustration of our commitment to the UK gas market,” he adds.

Statoil has been present in the British market since 1977 and is the largest supplier of natural gas to the UK from the Norwegian Continental Shelf.

“On such a day we are keen to convey that natural gas should play a key role in UK power generation for the long term, as gas is cost competitive, an abundant resource and leaves a low carbon footprint,” says Bjørnson.

Long-term business relationship
The Peterhead power station consumes 1,500 million cubic metres of gas in a typical year. The plant produces enough electricity to meet the needs of two million households.

Statoil and SSE are already jointly involved in the Aldborough gas storage facility in East Yorkshire. Both parties look forward to expanding the business relationship.

Statoil has a 16-18 % market share in the UK gas market. Natural gas from the Norwegian Continental Shelf is delivered through a major and well developed infrastructure consisting of the pipelines Vesterled, Langeled and FLAGS via Tampen Link.

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