Norway's emergence as a major oil and gas producer in the mid-1970s transformed the economy. Large sums of investment capital poured into the offshore oil sector, leading to greater increases in Norwegian production costs and wages than in the rest of Western Europe up to the time of the global recovery of the mid-1980s. The influx of oil revenue also permitted Norway to expand an already extensive social welfare system. Norway established a petroleum fund (the Government Pension Fund Global) to save and invest the state’s oil and gas earnings. The fund reached a milestone of 3 trillion kroner (over $500 billion) in assets in October 2010. Thanks in part to prudent financial regulation and to high prices in world markets for its energy and fisheries exports, the global financial crisis has had only a limited impact on Norway. ... Norway is the world's fifth-largest oil exporter and second-largest gas exporter in Europe (2010). Norway provides much of Western Europe's crude oil and gas requirements. In 2010, Norwegian oil and gas exports accounted for approximately 46% of total exports. In addition, offshore exploration and production have stimulated onshore economic activities. In 2011, 28% of state revenues were generated from the petroleum industry; taxes and direct ownership ensure high revenues. Foreign companies, including many American ones, participate actively in the petroleum sector. The oil industry directly employs roughly 40,000 people in core extraction activities. Over 250,000 are employed in petroleum-related activities.
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Norway's emergence as a major oil and gas producer in the mid-1970s transformed the economy. Large sums of investment capital poured into the offshore oil sector, leading to greater increases in Norwegian production costs and wages than in the rest of Western Europe up to the time of the global recovery of the mid-1980s. The influx of oil revenue also permitted Norway to expand an already extensive social welfare system. Norway established a petroleum fund (the Government Pension Fund Global) to save and invest the state’s oil and gas earnings. The fund reached a milestone of 3 trillion kroner (over $500 billion) in assets in October 2010. Thanks in part to prudent financial regulation and to high prices in world markets for its energy and fisheries exports, the global financial crisis has had only a limited impact on Norway.
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Norway is the world's fifth-largest oil exporter and second-largest gas exporter in Europe (2010). Norway provides much of Western Europe's crude oil and gas requirements. In 2010, Norwegian oil and gas exports accounted for approximately 46% of total exports. In addition, offshore exploration and production have stimulated onshore economic activities. In 2011, 28% of state revenues were generated from the petroleum industry; taxes and direct ownership ensure high revenues. Foreign companies, including many American ones, participate actively in the petroleum sector. The oil industry directly employs roughly 40,000 people in core extraction activities. Over 250,000 are employed in petroleum-related activities.