Centrica, Qatar Petroleum to pursue energy investments

UK-based energy company Centrica has signed a memorandum of understanding with a unit of Qatar Petroleum to pursue joint investments in oil and gas projects.

The companies intend to invest in new and existing oil and gas projects, including liquefied natural gas, gas storage, gas turbine generation assets and downstream opportunities.

The move comes just two weeks after Centrica entered a £1bn deal to buy oil and gas assets in the North Sea from Norwegian firm Statoil.

Earlier in 2011, Qatar Petroleum signed a £2bn contract with Centrica to supply the UK company with 2.4 million tonnes of LNG per year over three years.

Centrica CEO Sam Laidlaw said the partnership will make energy investments that will boost the long-term security of the UK’s gas supply.