Norway's offshore petroleum industry

During the past decade, Norway has become an important oil and gas producer. Annual production is six times national consumption. Development policies of the national government have been cautious, and future policies will probably follow a similar pattern. The government recently opened offshore areas poleward of 62°N latitude, a decision likely to have a significant impact on Norway's future as an oil producer. Norway maintains a tight reign on foreign oil company participation, domestic downstream processing of crude, oil company taxation and oil revenue investment within the national economy. Norway's large inflow of oil-related capital investments and production revenues have contributed to significant inflation and to changes in local labour supplies. Norway has always used its petroleum industry to further the country's overall development goals, a policy that will continue in the years ahead.