Changes

Norway has escaped the [[Recession of 2008]] largely unscathed, partly by tapping into its oil and gas-fueled sovereign wealth fund — currently valued at more than 2.4 trillion kroner ($400 billion). Unemployment stands at 3%, among the lowest in Europe.

Norway has escaped the [[Recession of 2008]] largely unscathed, partly by tapping into its oil and gas-fueled sovereign wealth fund — currently valued at more than 2.4 trillion kroner ($400 billion). Unemployment stands at 3%, among the lowest in Europe.

Oil and gas pumped from North Sea platforms have made the country of 4.8 million people one of the world's richest nations.  

Oil and gas pumped from North Sea platforms have made the country of 4.8 million people one of the world's richest nations. Norway is the world's third largest exporter of natural gas and the sixth largest exporter of oil. While oil production has been falling in recent years, natural gas production continues to rise.

==People==

==People==

Each fylke is headed by a governor appointed by the king in council, with one governor exercising authority in both Oslo and the adjacent county of Akershus.  

Each fylke is headed by a governor appointed by the king in council, with one governor exercising authority in both Oslo and the adjacent county of Akershus.  

===Political Conditions===

===Political Conditions===

===Energy Resources===

===Energy Resources===

Norway has a highly-developed oil and natural gas sector. Norway's oil production peaked in 2001 at 3.42 million barrels per day (bbl/d) and has been steadily declining since, reaching 2.47 million bbl/d in 2008. Natural gas production, on the other hand, has been steadily increasing since 1993, reaching 3.5 trillion cubic feet (Tcf) in 2008. All of Norway's oil and natural gas fields are located subsea on the Norwegian Continental Shelf. Most of the new discoveries being made are natural gas. The Norwegian government is committed to developing the frontier Barents Sea region as existing North Sea fields mature.<ref> For current statistics, see [http://tonto.eia.doe.gov/country/country_energy_data.cfm?fips=NO Energy Information Administration, "Norway Energy Profile" (2009)] </ref>

Norway has a highly-developed oil and natural gas sector. Norway's oil production peaked in 2001 at 3.42 million barrels per day (bbl/d) and has been steadily declining since, reaching 2.47 million bbl/d in 2008. Natural gas production, on the other hand, has been steadily increasing since 1993, reaching 3.5 trillion cubic feet (Tcf) in 2008. All of Norway's oil and natural gas fields are located subsea on the Norwegian Continental Shelf. Most of the new discoveries being made are natural gas. The Norwegian government is committed to developing the frontier Barents Sea region as existing North Sea fields mature.<ref> For current statistics, see [http://tonto.eia.doe.gov/country/country_energy_data.cfm?fips=NO Energy Information Administration, "Norway Energy Profile" (2009)] </ref>

Offshore hydrocarbon deposits were discovered in the 1960s, and development began in the 1970s. Norway is now the world's third-largest oil exporter and provides much of western 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 western 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 companyGazprom 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 companyGazprom 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.