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    Energy Ministers announce $2 billion boost for North Sea

    News // September 12, 2002
    Energy Ministers from the UK and Norway have unveiled plans for the closest co-operation between the two countries in 40 years of the North Sea.

    UK Energy Minister Brian Wilson and Norway's Energy Minister Einar Steensnaes, speaking at the 15th international Offshore Northern Seas conference in Stavanger in late August, said that co-operation between Norway and the UK could provide a $2bn boost for the offshore industry.

    A new report published by the UK-Norway North Sea Co-operation Workgroup estimates that the offshore industry stands to gain as much as $2bn by 2010, through added value creation from saved capital, operating and decommissioning costs and accelerated developments.

    It reveals that within a 60km-wide corridor either side of the UK-Norway border new opportunities could be created through increased efficiency in a number of areas.

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