The petroleum activities have been crucial for Norway’s economy for more than 40 years. In 2010, the petroleum sector represented 21 per cent of the country’s total value creation. Norway is ranked as the seventh largest oil exporter and the fourteenth largest oil producer in the world. 2137 thousand barrels of crude oil per day where produced that year, or 2.5% of the world total. In 2009, Norway was the world’s second largest gas exporter, and the world’s fifth largest gas producer. Yet, Norway's proved reserves are declining: at the end of 2010, proved oil reserves of 6.7 billion barrels of oil at the end of 2010, or 0.5 % of the world's reserves (Source: BP Statistical Energy Review 2011 and Facts 2011).