Event set for Feb. 14.

Oasis will be honored with The Outstanding Contribution to Music at The BRIT Awards on Feb. 14, 2007.

The Manchester-originated U.K. hit-makers were founded in 1991. Led by the brothers Liam and Noel Gallagher, Oasis became figureheads of the "Britpop" trend in the mid-1990s and the act has consistently proven the most popular band in Britain since their 1994 debut "Definitely Maybe" on the now-defunct independent Creation label.

Oasis is signed to its own Big Brother Recordings label in the United Kingdom and Sony BMG Music Entertainment for the rest of the world. According to the label, the act has shipped more than 35 million albums globally to date, aided—and occasionally hindered—by a controversial image fuelled by the tabloid headline-grabbing public antics of lead singer Liam.

According to the BPI, Oasis is being recognized for its contemporary take on the musical styles of 1960s icons such as The Beatles and The Kinks and for the influence it has had on newer British recording acts, including The Arctic Monkeys and Kasabian.

The 2007 BRIT awards ceremony will take place at London's Earls Court. It will be broadcast live on TV for the first time in 20 years by national commercial network ITV.

"Don't Believe the Truth," the band's last studio album, has shipped more than two million copies worldwide, according to Sony BMG. Its forthcoming greatest hits set "Stop the Clocks," is scheduled for international release Nov. 20.

"Oasis set the standard for many of the young rock bands who are currently enjoying success in the U.K. charts," said Peter Jamieson, chairman of the BRIT-organizing industry trade body BPI in a statement. "As the BRIT Awards goes live for the first time in nearly two decades, it is appropriate that we should honor one of the most exciting and unpredictable live acts the United Kingdom has produced."