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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.
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 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.
===History===
===History===
* Archer, Clive. '' Norway outside the European Union: Norway and European Integration from 1994 to 2004'' (2004) [http://www.amazon.com/Norway-outside-European-Union-Integration/dp/0415282799/ref=sr_1_58?ie=UTF8&s=books&qid=1252961077&sr=1-58 excerpt and text search]
* Bain, Robert Nisbet. ''Scandinavia; a Political History of Denmark, Norway and Sweden from 1513 to 1900'' (2002) [http://www.amazon.com/Scandinavia-Political-History-Denmark-Norway/dp/0543939006/ref=sr_1_44?ie=UTF8&s=books&qid=1252960971&sr=1-44 excerpt and text search]
* Berdal, Mats R. ''The United States, Norway and the Cold War, 1954-60.'' (1997). 268pp
* Berdal, Mats R. ''The United States, Norway and the Cold War, 1954-60.'' (1997). 268pp
* Cole, Wayne S. ''Norway and the United States, 1905-1955: Two Democracies in Peace and War.'' (1989). 221 pp.
* Cole, Wayne S. ''Norway and the United States, 1905-1955: Two Democracies in Peace and War.'' (1989). 221 pp.
* Derry, Thomas Kingston. ''A History of Scandinavia: Norway, Sweden, Denmark, Finland and Iceland.'' (1979). 447 pp.
* Derry, Thomas Kingston. ''A History of Scandinavia: Norway, Sweden, Denmark, Finland and Iceland.'' (1979). 447 pp.; standard scholarly history
* Gjelsvik, Tore. ''Norwegian Resistance, 1940-1945.'' (1979). 224 pp.
* Gjelsvik, Tore. ''Norwegian Resistance, 1940-1945.'' (1979). 224 pp.
* Gran, Thorvald. ''The State in the Modernization Process: The Case of Norway, 1850-1970.'' Oslo: Ad Notam Gyldendal, 1994. 415 pp.
* Gran, Thorvald. ''The State in the Modernization Process: The Case of Norway, 1850-1970.'' Oslo: Ad Notam Gyldendal, 1994. 415 pp.
* Lowell, Briant Lindsay. ''Scandinavian Exodus: Demography and Social Development of 19th-Century Rural Communities.'' (1987). 262 pp.
* Lowell, Briant Lindsay. ''Scandinavian Exodus: Demography and Social Development of 19th-Century Rural Communities.'' (1987). 262 pp.
* Naess, Harald S., ed. ''A History of Norwegian Literature.'' (1993). 435 pp.
* Naess, Harald S., ed. ''A History of Norwegian Literature.'' (1993). 435 pp.
* Noyes, David. ''The History of Norway'' (2009), standard scholarly history [http://www.amazon.com/History-Norway-David-Noyes/dp/110344378X/ref=sr_1_64?ie=UTF8&s=books&qid=1252961174&sr=1-64 excerpt and text search]
* Petrow, Richard. ''The Bitter Years: The Invasion and Occupation of Denmark and Norway, April 1940-May 1945'' (1974)
* Rust, Val D. ''The Democratic Tradition and the Evolution of Schooling in Norway.'' (1989). 333 pp.
* Rust, Val D. ''The Democratic Tradition and the Evolution of Schooling in Norway.'' (1989). 333 pp.
* Sjovik, Jan. ''Historical Dictionary of Norway'' (2008), standard reference book
==External links==
==External links==