Royal Highness,
Ladies and Gentlemen,

it will come as no surprise to this audience that I am pleased to be back at Offshore Northern Seas in Stavanger.
I have worked with a great many of you in the past. And together, we have great accomplishments ahead of us as well.
Over the years, we have come to recognize ONS as a major international oil and gas event.
A showcase of technology advances.
A launch pad for new partnerships.
The presence of you all, and the many returning international participants reflects how the industry has grown and matured.
The outlook and the visions are constantly changing.
And so they must.

I remember when I was here as Minister of Industry and Energy in the mid 90ies. The common view was that prices would remain about 18 dollars in the foreseeable future.
Today’s price is 72!
I also remember companies warning about falling investments and asking for tax reductions.
In fact they have a lasting love affair with the notion of tax reduction.
But the assumptions change.
In 1996, our expectations for investment in 2006 was 20 billion kroner.
This years estimate is 82 billion – four times more than expected and a record high!
Truly, the history of energy and technology is paved with wrong assumptions.
Even James Watt did not believe that his steam engine would render more than marginal useful services.
Einstein ruled out that energy could be obtained from atoms.
And as most of you know, in 1965, the Geological Surveys of Norway ruled out the existence of hydrocarbons on the Norwegian continental shelf.

The great breakthroughs of exploration and technology come when people pool their brainpower and curiosities.
Teamwork is the key.
Now, we are faced with enormous challenges in the field of energy.
And studies, such as the latest from the IEA, indicate that the global demand for oil will almost double by 2050.

At the same time - we have to reduce emissions of greenhouse gases.
Because the planet will be in peril if we don’t.
Generations have faced different mega-challenges throughout history.
Our generations – those of us who had the fortune of being born in the developed world – have never had more opportunities to pursue happiness, well-being and achieve longevity.
We are constantly making progress working on policies to improve our societies.

Our generations face the poverty challenge and the energy-climate challenge.
No previous generation has faced a similar call:
- Lifting billions out of poverty and reaching the Millennium Development Goals.
- Meeting globally increasing energy needs, as new billions pursue their rightful aspirations for better lives.
And while we do this, we must reduce greenhouse emissions.
This requires human ingenuity and persistence on an unprecedented scale.

A UN-report on Climate Change concludes that capture and storage of CO2 can potentially reduce half of the emission in this century. However, major commercial and technological challenges must be overcome for this to become real.

The technology for capture and storage of CO2 is not yet mature, and there are no experiences of CO2 capture from large coal and gas power plants.

The Norwegian government has ambitious goals for CO2 capture and storage. This involves establishing a value chain, where CO2 is first captured at gas fired power plants, then transported to oil fields, and finally used to increase oil recovery.

We are discussing these plans with the industry and have initiated feasibility studies. International co-operation is a key factor for success, as no country or region is capable of solving these challenges alone. If successful, this could have major global impact.

If we succeed. If we can do this successfully in Norway, we would be making a major contribution to global development.
Perhaps the most important contribution of the century.
This is a challenge that has come to stay and which will require the attention of our best human resources.

When the petroleum era came to Norway, it attracted many of the best and the brightest of the young cohorts.
This is still the case.
-To maintain an industry committed to constant change.
-Where small and large innovations see the light of day every day.
-Where the focus is set on long-term sustainability
-And aligning the industry’s practice to the carrying capacity of the planet;

The industry must continue to attract the best and the brightest of new generations.
And this is my point: Not only the best and the brightest among younger men. But of young women in equal numbers.

When I was here in 1996, women only made up 17 per cent of the work force in the petroleum industry.
Today it is 20 per cent, - a slight increase only. Given the magnitude of the petroleum industry, I find this disheartening.
It is a question of democracy. But it is also necessary to realize the fullest potential of our workforce.

What can the Government do to promote such a development?
We can improve the educational system
And we are constantly doing that.
Yesterday, at school start – our youngest students came to a school based on a whole new modernized curriculum.
Young women know that they will be able to pursue a professional career and still have a family and children.
So family policy is important for realizing the full potential of the country. Kindergartens make us more competitive. Parental leave policies make us more competitive.
And most reports on global competitiveness list the Scandinavians on top for precisely those reasons.

In Norway, we have passed legislation to secure balanced gender representation on company boards. The law applies to 100 per cent state owned companies and privately owned public limited companies.

There are about 40 public limited companies in the petroleum- and energy sector, and currently only a third of these companies fulfill the requirements of gender representation.
True, the law is still not formally binding. That will happen from 2008.

Today, I challenge all companies in the petroleum and energy sector to redouble their commitment to gender balance and to increase the representation of women at all levels in their organizations, especially at the management and board level.

Ladies and Gentlemen;

This spring the Government presented an Integrated Management Plan for the Barents Sea, where the industry has been given access to new areas. Estimates suggest that approximately 1/3 of the undiscovered resources on the Norwegian Continental Shelf may be found in this area.

This approach is in line with the Norwegian tradition of a stepwise and knowledge based development of the petroleum resources.

Russia and Norway share the Barents Sea. Together, Norway and Russia can work in partnership to develop the Barents Sea into the new petroleum province of Europe. This way, our two countries will contribute to long-term and stable energy supply to European and global markets. The Shtokman field is a case in point.

Many of the resources that will provide energy in the future are in developing countries. The extraction of oil and gas should benefit the people of these countries.

This is not always the case today. Corruption is prevalent and that problem requires world-wide attention. That is also why the government is pleased to host the next conference of the Extractive Industries Transparency Initiative in Oslo in October.

We are pleased to be working with the industries to promote the best practices world wide.
We are working closely with many of you.

And we invite a widest possible participation from the industry. Energy and environment, the gender issue, activities in developing countries. They all point out that this industry must be the global beacon light of corporate social responsibility.

Thank you!