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UK, Norway to collaborate on energy exchange

The agreement means the UK will serve as a key gas consumer while Norway acts as a natural gas suppl

The UK and Norwegian governments have agreed to team up on a common energy strategy including both conventional and alternative energy.

As per both the government's strategy, UK will serve as a key gas consumer with Norway acting as a natural gas supplier, according to

Both the governments highlighted the importance of natural gas by saying that it is a key component of energy security and further stated that they will jointly work on ways to prepare for any emergency gas supply disruptions.

The gas companies in the region are planning to set up offshore storage facilities to hold natural gas.

The UK and Norwegian governments stressed that North Sea resources could spawn growth in a green energy sector.

The joint statement also said that North Sea wind energy projects could provide a cheap energy source through bilateral technology sharing.

UK government's regulator of natural gas and electricity, London's Office of Gas and Electricity Markets, said that the region faces a gas crisis by 2015.