An industry for the future – report to the Storting on Norway’s petroleum policy

Today, the Norwegian Government is publishing a report to the Storting (the Norwegian Parliament) entitled “An industry for the future – Norway’s petroleum activities” (Meld. St. 28 (2010-2011)). The Government wishes to facilitate focused efforts to keep petroleum production levels very high for generations to come. In this context, it is vital to ensure the inclusion of a range of participants and to promote healthy competition in all links of the production chain.

- I am not a member of the generation of politicians who stand before the Storting and declare that Norway’s petroleum activities have ended. The Norwegian petroleum industry and Norway’s resource management are things of which all Norwegians can be proud. We will continue to operate and further develop this industry for a long time,” says Minister of Petroleum and Energy Ola Borten Moe.

Norway’s petroleum activities comprise the country’s largest industry in terms of value-creation, state revenues and exports. The petroleum industry currently contributes around one-fifth of Norway’s total value-creation, and a quarter of state revenues. The state’s income from the petroleum industry in 2011 is budgeted to NOK 311 billion. Half of Norway’s total exports are accounted for by oil and gas. At the same time, the petroleum industry has major ripple effects all across the country. At present, the industry employs around 43,000 people, but over 200,000 jobs are directly or indirectly linked to demand generated by the activities on the Norwegian continental shelf.

- We have the resources, we have the expertise, and we have the will. With these three elements in place, I am certain that oil companies, authorities and the supplier industry, along the full length of our country, will succeed in creating considerable value in the years ahead. Northern Norway in particular offers significant new opportunities. It is my clear ambition and expectation that the activities at sea will have ripple effects on land,” says Borten Moe.

The main aims of Norway’s petroleum policy – long-term management and value-creation based on the country’s petroleum resources – are well-established. To achieve these aims, and to meet global energy challenges, activity levels must be kept stable.

- The world needs more energy to lift millions out of poverty. Norway has both the resources and the expertise required to help make this happen and to ensure that energy production is as environmentally friendly as possible. That is a responsibility which I take seriously,” says Minister of Petroleum and Energy Ola Borten Moe.