Energy in Norway

Since the discovery of North Sea oil in Norwegian waters during the late 1960s, exports of oil and gas have become very important elements of the economy of Norway. With North Sea oil production having peaked, disagreements over exploration for oil in the Barents Sea, the prospect of exploration in the Arctic, as well as growing international concern over global warming, energy in Norway is currently receiving close attention.

2012R = CO2 calculation criteria changed, numbers updated

In 2011, Norway was the eighth largest crude oil exporter in the world (at 78Mt), and the 9th largest exporter of refined oil (at 86Mt). It was also the world's third largest natural gas exporter (at 99bcm), having significant gas reserves in the North Sea. Norway also possesses some of the world's largest potentially exploitable coal reserves (located under the Norwegian continental shelf) on earth.

Norway's abundant energy resources represent a significant source of national revenue. Crude oil and natural gas accounted for 40% of the country's total export value in 2015. As a share of GDP, the export of oil and natural gas is approximately 17%. As a means to ensure security and mitigate against the “Dutch disease” characterized by fluctuations in the price of oil, the Norwegian government funnels a portion of this export revenue into a pension fund, the Government Pension Fund Global (GPFG). The Norwegian government receives these funds from their market shares within oil industries, such as their two-thirds share of Statoil, and allocates it through their government controlled domestic economy. This combination allows the government to distribute the natural resource wealth into welfare investments for the mainland. Tying this fiscal policy to the oil market for equity concerns creates a cost-benefit economic solution towards a public access good problem in which a select few are able to reap the direct benefits of a public good. Domestically, Norway has addressed the complications that occur with oil industry markets in protecting the mainland economy and government intervention in distributing its revenue to combat balance-of-payment shocks and to address energy security.

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