Norway

EITI Status Meaningful progress
EITI Member Since 2007
Latest Data From 2015
Website EITI Norway

Overview

Petroleum activities have been crucial for Norway’s economy for more than 40 years. In 2015, the petroleum sector represented 15% of the country’s GDP. Norway is ranked as the tenth largest oil exporter and the third largest gas producer in the world. In 2013, 1.8 million barrels of crude per day were produced equaling 2% of the world total production.

The production licence gives a company or a group of companies a monopoly to perform investigations, exploration drilling and recovery of petroleum deposits within the geographical area stated in the licence. The licensees become owners of the petroleum that is produced. A production licence may cover one or more blocks or parts of blocks and regulates the rights and obligations of the participant companies with respect to the authorities.

Production licences are awarded by the Ministry of Petroleum and Energy in numbered licensing rounds for the least explored parts of the shelf (frontier areas), or awards in predefined areas (APA) for mature parts.

Beneficial ownership disclosure

Norway’s 2013 EITI Report provides information about the Norwegian register of shareholders. It also mentions the ongoing discussions related to establishing a public beneficial ownership register.

Transparency of financial flows from extraction of oil and gas is important. Openness contributes to better understanding of the industry and a better factual basis. We need both to make good decisions.
Minister of Petroleum Tord Lien

Production

In 2015, Norway produced 227.8 Sm³ o.e. of marketable petroleum. By way of comparison, total production was 216.2 million Sm³ o.e. in 2014 and 264.2 million Sm³ o.e. in 2004. In other words, production in 2015 was about 14 % lower than in the record year 2004 and 5 % higher than in 2014. Production from the Norwegian shelf consists of crude oil and rich gas.

Natural resources

Since production started on the Norwegian continental shelf in the early 1970s, petroleum activities have contributed more than NOK 11 000 billion in current NOK to Norway’s GDP. Yet so far, only 45 % of the estimated recoverable resources on the Norwegian shelf have been produced and sold. 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.

Commodity

Reserves 

Unit Significance
Oil786million Sm30.5 % of the world's reserves.
Condensate31

million Sm3

 
NGL221

million Sm3

 
Gas1922

million Sm3

 

Sources: Norwegian Petroleum, BP Statistical Review 2014

Initializing chart.

Revenue collection

Initializing chart.

Reconciled revenues by company (top 5)

Innovations

The EITI encourages multi-stakeholder groups to explore innovative approaches to make the EITI more relevant and useful.

Implementation

Timeline

Validation

Norway's Validation against the Standard commenced on 1 July 2016. The country is compliant under the 2011 Rules.