Statoil, the Norwegian oil giant, plans to invest £18 billion in U.K North Sea oil fields. The move would see the creation of 300 jobs.

The move comes after Statoil previously announced the creation of 700 jobs from a £6 billion investment. The investment would last the lifetime of the North Sea fields with the potential to provide 800 million barrels of oil.

David Cameron commented after meeting with the Norwegian Prime Minister Jens Stoltenberg, on creating closer energy links between the two countries, that the move represented "a big investment into North Sea production."