Invest in Norway – Oil and Gas

Norway is the world’s second biggest exporter of natural gas and the fifth biggest exporter of oil. Hence, the petroleum industry is the most important industry in Norway. Not only does it contribute to the wealth in the country, but it is also a very important driver for the innovation and technology development in other sectors.

The petroleum sector is vital for the country’s economy, representing some 25% of the gross domestic product, 30% of the state income, more than 50% of export earnings and providing some 250,000 jobs, directly and indirectly. Export earnings are no longer only the revenues from the export of oil and gas to global customers. The export of goods and services is also making major contributions.
The Norwegian oil and gas cluster

A recently finished research project in Norway, A knowledge-based Norway, concludes the following on the Norwegian oil and gas cluster; “The Norwegian oil and gas industry was built upon established Norwegian competences in mining (geophysics), maritime operations and maritime construction (yards), with invaluable inputs from foreign operators and suppliers.

At present, the industry is a complete cluster of 136,000 employees divided into several sectors: Operators (22,000), Geo & Seismics (4,000), Drill & Well (20,000), Topside (43,000), Subsea (13,000) and Operations Support (34,000).

The supplier industry is Norway’s biggest mainland industry. Turnover is approximately NOK 360 billion a year, almost half of which is from international markets. The world’s offshore oil and gas activities are taking place in deeper and deeper waters, and it is becoming increasingly complicated to operate offshore wells. The Norwegian supplier industry has a leading position in the global subsea oil and gas industry.

The Norwegian petroleum cluster is expanding into global markets with advanced, cost effective technologies, delivering front edge reservoir and seismic technologies, subsea technology, floating production, multiphase flow solutions, technologies for cleaner production and new ways to increase oil recovery.

Norway has one of the world’s most environmentally friendly oil and gas industry. There are high environmental standards and there is continued work on reducing emissions and avoiding accidents and spills.

Norwegian R&D institutions, suppliers and service companies have played a significant part in developing systems and equipment to meet the new standards increasingly required in oil and gas provinces around the world.
Regional clusters

Even though Norway is not large, different specialist competence is found in different areas of the country, resulting in several Norwegian Centres of Expertice (NCE) and other important clusters within oil and gas.

This entry was posted in Uncategorized. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Both comments and trackbacks are currently closed.

Comments are closed.