Oil and Gas
The petroleum industry is Norway's largest industry. In 2012, the petroleum sector represented more than 23 per cent of the country’s total value creation. The revenues from the petroleum sector constitute 30 percent of the state revenues. Today Norway is the 7th largest producer of oil and the 3rd largest producer of gas in the world.
In the late 1950s, very few people believed that the Norwegian continental shelf (NCS) might conceal rich oil and gas deposits. However, the discovery of gas at Groningen in the Netherlands in 1959 caused people to revise their thinking on the petroleum potential of the North Sea.
Norway has a highly skilled and internationally competitive petroleum related service and supply industry, developed over more than 40 years of petroleum activities in Norway. This is a result of a deliberate policy.
Norway is the third largest gas exporter in the world. Nearly all Norwegian gas is sold on the European market. A well-developed and efficient gas infrastructure and short transport distances make Norwegian gas competitive in the European market.