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An industry for the future Norway's petroleum activities

An industry for the future – Norway´s petroleum activities

by / Comments Off on An industry for the future – Norway´s petroleum activities / 35 View / July 2, 2014

An industry for the future – Norway´s petroleum activities,Norway’s petroleum resources belong to the Norwegian people, and they must be managed in a way that benefits the entire Norwegian society.This has been the foundation for the management of our petroleum resources for the past 50 years.The licensing legislation dating back to 1909 deals with regulation of hydropower, but it has also been relevant for the petroleum activities. The leg islation stipulated the right of reversion (to the
State), emphasised that the Norwegian people are the owners of the the owners of the nomic rent should fall to the greater community.These same principles have been followed in the administration of the petroleum resources.About 50 years have passed since the possible existence of petroleum deposits on the Norwegian Shelf became a topic of discussion. In 1963,Norway declared dominion over the continental shelf, giving the Norwegian state the right to explore for and exploit subsea petroleum deposits. Two years later, Norway, the United Kingdom and Denmark agreed to apply the “median line principle” to establish the maritime boundaries.In its consideration of White Paper No. 76 (1970 – 1971), Exploration for and exploitation of subsea natural resources on the Norwegian Continental Shelf, etc., the Storting (Norwegian Parliament) endorsed what later became known as “the Ten Oil Commandments”.”. These “oil commandments” point out that petroleum policy must be comprehensive and that national management and control are important to ensure that management of the resources benefits the entire Norwegian society. A few years later in White Paper No. 25 (1973– 1974), Petroleum activity and its position in the Norwegian society, the Bratteli Government set the objective that the petroleum resources should be used to develop a “qualitatively better society”.

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