Centrica plc, the parent company of British Gas, has signed a strategic agreement with Statoil ASA for the supply of 50 billion cubic metres (bcm) of gas to the UK.

The 10 year, NBP-linked gas supply contract begins in 2015 and secures sufficient gas to meet around five per cent of total UK annual demand, enough for 3.5 million homes. With Britain currently importing around 50 per cent of its gas requirements, the announcement underlines the strategic importance of the Norwegian relationship to UK energy security.

In a separate transaction, Centrica also announced it has reached agreement with Statoil Petroleum AS to acquire a focused package of producing and development oil and gas assets in the Norwegian sector of the North Sea, for a cash consideration of US$1,525 million (£965 million).