![]() SDFI is an arrangement in which the State owns interests in a number of oil and gas fields, pipelines and onshore facilities. The State's participation was split in two, one linked to the company and the other becoming part of the State's Direct Financial Interest (SDFI) in petroleum operations. This rule was later changed so that the Storting (the Norwegian parliament) can evaluate whether the level of state participation should be lower or higher, depending on circumstances.įrom 1 January 1985, the State's participation in petroleum operations was reorganised. Statoil was created in 1972, and the principle of 50 percent state participation in each production licence was established. Foreign companies dominated exploration off Norway in the initial phase, and were responsible for developing the country's first oil and gas fields. The shelf was gradually opened, and only a restricted number of blocks were awarded in each licensing round. Exploration in the 1970s was confined to the area south of the 62nd parallel. Production from the field started on 15 June 1971, and in the following years a number of major discoveries were made. With the Ekofisk discovery in 1969, the Norwegian oil adventure really began. The first well was drilled in the summer of 1966, but it was dry. The production licences gave exclusive rights for exploring, drilling, and production in the licence area. 22 production licences for a total of 78 blocks were awarded to oil companies or groups of companies. First licensing round was announced on 13 April 1965. Agreements on dividing the continental shelf in accordance with the median line principle were reached in March 1965. The licenses included rights to perform seismic surveys, but not drilling.Įven though Norway had proclaimed sovereignty of large offshore areas, some important clarifications remained on how to divide the continental shelf, primarily with Denmark and Great Britain. The same year, companies got the possibility to carry out preparatory exploration. New regulation determined that the State owns any natural resources on the NCS, and that only the King (government) is authorized to award licences for exploration and production. In May 1963, Einar Gerhardsen’s government proclaimed sovereignty over the NCS. If the areas were to be opened for exploration, more companies had to participate. The offer was seen as an attempt to get exclusive rights, and for the authorities it was out of the question to hand over the whole shelf to one company. The company wanted a licence for the parts of the North Sea that were on Norwegian territory, and that would possibly be included in the Norwegian shelf. Netherlands.In October 1962, Phillips Petroleum sent an application to the Norwegian authorities, for exploration in the North Sea. Norway’s geological expertise was negative to oil and gas deposits, but this could not stop the enthusiasm after the gas discovery in the In the eagerness to find more, attention was drawn to the North Sea. The Groningen discovery led to enthusiasm in a part of the world where energy consumption to a large extent was based on coal and imported oil. Ministry of Trade, Industry and Fisheries Proved crude oil reserves in the U.S.Ministry of Local Government and Regional Development Russian export duty rates on oil products 2014-2017 Oil consumption in Europe and CIS 2000-2021īase mineral extraction tax rate for oil in Russia 2014-2017 Oil production in the European Union 2000-2022 Global crude oil export value share by country 2021 Impact of coronavirus on oil production in Nigeria 2020 Iranian crude oil exports by importing country: 2010 Oil reliance: countries' share of oil in primary energy consumption 2009 oil reserves - ending stocks of crude oil 2004-2013 have nearly quadrupled, surpassing Saudi Arabia in 2021. Since 2010, petroleum exports from the U.S. While Russia's part in the global exports landscape has been established for many years, with its export volume remaining relatively stable in the past decade, the United States stands out as the new kid on the block. and Russia are the leading exporting countries, with around eight million barrels per day exported in 2021. and Russia lead for exports Outside the Middle East, the U.S. Founded in Iraq in 1960, OPEC stands for the Organization of Petroleum Exporting Countries, and today includes 13 member nations. Many Middle Eastern countries belong to OPEC, which holds significant influence by setting oil prices as a unit. High production in the Middle East Approximately one-third of global oil production comes from the Middle East. The Asia-Pacific region exported the second largest amount of oil, though roughly half as much as the Middle East. As a region, the Middle East is the largest exporter of oil in the world, at approximately 15.4 million barrels per day in 2022.
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