The partnership will lead to the opening of energy sector in UK for investment of tens of billions of pounds by energy firms in the country.
As part of the partnership, both countries will focus on leveraging increased private investment in renewable technologies and energy grids, two-way investment in oil and gas exploration, and affordable long-term gas supply.
Companies from UK have invested £13 bn in oil and gas sector in Norway, which already supplies more than 25% of the UK’s annual energy needs.
The partnership is expected to bring down energy bills down in the UK in future, and will create more than 1,600 jobs in the energy sector.
