This is Norway's eighth EITI Report disclosing cash flows from petroleum activities.
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.
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.
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.
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.
|Oil||786||million Sm3||0.5 % of the world's reserves.|
Sources: Norwegian Petroleum, BP Statistical Review 2014
The EITI encourages multi-stakeholder groups to explore innovative approaches to make the EITI more relevant and useful.
- 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.
- The Ministry of Petroleum and Energy issues a publication about the Norwegian petroleum sector every year. It is also available as an app for smartphones and tablets.
This EITI Report covers Norway's extractive sector in 2014. It was published in December 2015.
This is the Norway EITI 2014 Annual Progress Report (in accordance with Requirements 7.4 and 8.4).
This is the Norway EITI 2014 work plan (in accordance with Requirement 1.5).
This Norway EITI Validation report was published in 2014.
Pablo is Regional Director at the EITI International Secretariat working with the Middle East and North Africa and Anglo/Lusophone West Africa.
Prior to joining the EITI he was Senior Advisor at the Council on Ethics for the Norwegian Government