Ladies and Gentlemen,
Today, we celebrate the Langeled pipeline. A fantastic achievement. The world's longest subsea pipeline. Integrated with the world's most extensive offshore gas transportation system. Connected to Europe's largest gas market. It is a big day for both our nations.

The transportation system is our gas highway to Europe. Norway covers approximately 16 percent of the European Union's gas consumption. In the next five-year-period, the total hydrocarbon production on the Norwegian Continental Shelf will increase by approximately ten percent from the preceding five-year-period. This increase can primarily be attributed to an increase in gas production. The total Norwegian gas exports could reach a level of 130 BCM early in the next decade. Bearing in mind that the exports in 2000 were approximately 50 bcm and that today's exports are almost 90, the increase is considerable. Norway is well positioned to assist Europe in meeting its increased future gas demand and Langeled is a substantial contributor. It can deliver about 20 % of the UK's gas consumption. [Its significance was clearly shown some days ago when the pipeline was being tested. The impact on the UK gas market was immediate, and I was told that traders had to pay money to sell gas in the UK. I have since been assured that this does not reflect the long term price of Norwegian gas J]

Langeled is a result of an effort of cooperation between our two nations that started 4 years ago. The process of bringing our bordering shelves even closer together has been time consuming.

We agreed on some main principles for new cross-boundary projects in October 2004. The principles were necessary in order for projects like Langeled to move forward even though the full Treaty was not in place. The principles gave the investors in Ormen Lange and Langeled the necessary comfort to go ahead with their investments while still awaiting the necessary Treaty. This shows that close cooperation between us is essential for the development of our resources. Our efforts have been successful so far. Langeled is the obvious example. In addition, we have between us approved several cross-border projects and there are more to come.

The Norwegian gas transportation system forms a link in the gas market of North Western Europe. We have landing pipelines to Germany, Belgium, France and the UK. And they are all highly integrated. Langeled is the latest contribution. Next year, the Tampen Link pipeline towards the UK will be completed. In addition, there are ongoing studies of a possible new pipeline from Norway to the Continent or the UK.

For Europe, Norwegian gas is a reliable source of supply that contributes to a diversified market. Opening of the European gas market has been on the agenda for decades. And the UK has really shown the way in this area. The establishment of an open and efficient gas market in the UK contributes to the development of new gas resources in Norway. Today, investments on the Norwegian Continental Shelf are indeed being undertaken without 100 % coverage of new long-term contracts, in contrast to previous major developments where such contracts provided the necessary economic basis. This is a consequence of a developed and liberalised British gas market and the full opening of the Norwegian gas sector. However, I would like to stress that long-term gas contracts may still be needed to undertake large investments in the upstream sector. Further focus on efficiency in all parts of the value chain is important for the European economy and further growth in the energy sector. This, in turn, is essential for long term investments in gas projects and security of supply. Full and efficient market opening in Europe must be a goal.

Langeled is tangible evidence of the fruitful cooperation between our two nations. A cooperation that will continue to grow in many respects: R&D, CO ₂, cross-border fields and pipelines, and the overall management of our resources. We have important challenges before us, but one important challenge is already overcome – the building of the world's longest subsea pipeline – and it is time for celebrations. In closing, let me once again say congratulations on a job well done with Langeled.

Thank you.