The petroleum activities have been crucial for Norway’s economy for more than 40 years. In 2013, the petroleum sector represented 21,5% of the country’s GDP. Norway is ranked as the tenth largest oil exporter and the third largest gas producer in the world. 1.8 million barrels of crude oil per day were produced that year, or 2.0% of the world total. Norway's proved hydrocarbon reserves have been in decline over the past decade, although some important discoveries have been made in the past two years. However, only 44 percent of the projected recoverable resources on the Norwegian continental shelf have been produced. At the end of 2013, proved oil reserves of 8.7 billion barrels of oil or 0.5 % of the world's reserves. (Source: BP Statistical Review of World Energy 2014 and Facts 2014).
The next EITI Report covering revenues from 2013 is currently being prepared by the Independent Administrator, and set to be launched by the end of the year. A new multi-stakeholder group was appointed in July, and they are due to meet and prepare a new workplan.
- Disaggregated reporting by company and revenue stream.
- Comparison with other sources (Norwegian state accounts).
- EITI regulation under Petroleum law that mandates EITI reporting and setting timeline.
- The EITI Reports are produced by the reconciler using the International Standard on Related Services (ISRS) 4400: "Engagements to Perform Agreed-upon Procedures Regarding Financial Information".
- Making the EITI data available in an Excel file and on the government data transparency portal.