Changes

Offshore hydrocarbon deposits were discovered in the 1960s, and development began in the 1970s. Norway is now the world's third-largest gas exporter and provides much of Europe's crude oil and gas requirements. In 2003, Norwegian oil and gas exports accounted for 56% of total merchandise exports. In addition, offshore exploration and production have stimulated onshore economic activities. Foreign companies, including many American ones, participate actively in the petroleum sector.

Offshore hydrocarbon deposits were discovered in the 1960s, and development began in the 1970s. Norway is now the world's third-largest gas exporter and provides much of Europe's crude oil and gas requirements. In 2003, Norwegian oil and gas exports accounted for 56% of total merchandise exports. In addition, offshore exploration and production have stimulated onshore economic activities. Foreign companies, including many American ones, participate actively in the petroleum sector.

One issue that has hampered the development of oil and natural gas reserves in the northern Barents Sea area has been the lack of a defined maritime boundary between Norway and Russia. However, on June 5, 2009, Russian state-owned gas company Gazprom and Norwegian state-controlled oil company StatoilHydro signed a three-year Memorandum of Understanding to work together in exploring and developing their Arctic sea regions. According to a joint statement, the two companies will work together on development of the Shtokman field, some 345 miles from land in 1,148 feet of water. It holds estimated gas reserves of around 113 trillion cubic feet.  

One issue that has hampered the development of oil and natural gas reserves in the northern Barents Sea area has been the lack of a defined maritime boundary between Norway and Russia. However, on June 5, 2009, Russian state-owned gas company [[Gazprom]] and Norwegian state-controlled oil company StatoilHydro signed a three-year Memorandum of Understanding to work together in exploring and developing their Arctic sea regions. According to a joint statement, the two companies will work together on development of the Shtokman field, some 345 miles from land in 1,148 feet of water. It holds estimated gas reserves of around 113 trillion cubic feet.  

Hydropower provides nearly all of Norway's electricity, and all of the gas and most of the oil produced is exported.

Hydropower provides nearly all of Norway's electricity, and all of the gas and most of the oil produced is exported.