Editing Norway (section)

=== Resources ===
[[File:Gaulosen og Øysand.jpg|thumb|Agriculture is a significant sector, in spite of the mountainous landscape ([[Øysand]]).]]
[[File:Stockfish in Lofoten.jpg|thumb|right|[[Stockfish]] has been exported from [[Lofoten]] in Norway for at least 1,000 years.]]

==== Oil industry ====
[[File:Heidrun, Norskehavet (28276260560).jpg|thumb|Oil production has been central to the Norwegian economy since the 1970s, with a dominating [[state ownership]] ([[Heidrun oil field]]).]]

Export revenues from oil and gas have risen to over 40% of total exports and constitute almost 20% of the GDP.<ref>{{cite book |publisher=[[Statistics Norway]] |chapter-url=http://www.ssb.no/en/befolkning/artikler-og-publikasjoner/this-is-norway/ |title=This is Norway |chapter=Secondary Industries |page=75 |date=14 October 2019 |access-date=14 January 2020 |archive-date=7 February 2020 |archive-url=https://web.archive.org/web/20200207235828/https://www.ssb.no/en/befolkning/artikler-og-publikasjoner/this-is-norway/ |url-status=live }}</ref> Norway is the fifth-largest oil exporter and third-largest gas exporter in the world, but it is not a member of [[OPEC]]. In 1995, the Norwegian government established the sovereign wealth fund ([[The Government Pension Fund of Norway|"Government Pension Fund – Global"]]) to be funded with oil revenues.

The government controls its petroleum resources through a combination of state ownership in major operators in the oil fields (with approximately 62% ownership in Equinor in 2007) and the fully state-owned [[Petoro]], which has a market value of about twice Equinor, and [[State's Direct Financial Interest|SDFI]]. Finally, the government controls licensing of exploration and production of fields. The fund invests in developed financial markets outside Norway. Spending from the fund is constrained by the budgetary rule (''Handlingsregelen''), which limits spending over time to no more than the real value yield of the fund, lowered in 2017 to 3% of the fund's total value.<ref>{{cite web |url=https://www.regjeringen.no/en/topics/the-economy/economic-policy/economic-policy/id418083/ |title=The Norwegian Fiscal Policy Framework |date=20 March 2019 |publisher=Government.no |access-date=14 January 2020 |archive-date=14 January 2020 |archive-url=https://web.archive.org/web/20200114120314/https://www.regjeringen.no/en/topics/the-economy/economic-policy/economic-policy/id418083/ |url-status=live }}</ref>

Between 1966 and 2013, Norwegian companies drilled 5,085 oil wells, mostly in the [[North Sea]].<ref name="NorwegianSectorOnly?4053wells">Ole Mathismoen (5 August 2013) ''Aftenposten'' p. 5</ref> Oil fields not yet in the production phase include: [[Wisting Central]]—calculated size in 2013 at 65–156&nbsp;million barrels of oil and {{convert|10|to|40|e9ft3|e9m3|abbr=off}}, (''utvinnbar'') of gas.<ref name=WistingCentral>{{cite web |author=Lindeberg, Anne |url=http://www.dn.no/energi/article2677091.ece |title=Her er Norges nye oljeprovins |publisher=Dn.no |access-date=12 October 2013 |date=6 September 2013 |archive-date=11 October 2013 |archive-url=https://web.archive.org/web/20131011174336/http://www.dn.no/energi/article2677091.ece |url-status=live }}</ref> and the [[Castberg Oil Field]] (''Castberg-feltet''<ref name="WistingCentral"/>)—calculated size at 540 million barrels of oil, and {{convert|2|to|7|e9ft3|e6m3|abbr=off}} (''utvinnbar'') of gas.<ref name=Castberg-feltet>{{cite web |url=http://www.npd.no/Nyheter/Resultat-av-leteboring/2011/72208-1/ |title=Gass- og oljefunn nord for Snøhvitfeltet i Barentshavet – 7220/8-1 |publisher=Npd.no |date=1 April 2011 |access-date=12 October 2013 |archive-date=14 October 2013 |archive-url=https://web.archive.org/web/20131014150921/http://www.npd.no/Nyheter/Resultat-av-leteboring/2011/72208-1/ |url-status=dead }}</ref> Both oil fields are located in the [[Barents Sea]].

Norway is also the world's second-largest exporter of fish (in value, after China).<ref name="GGT">{{cite web|url=http://www.globefish.org/filedownload.php?fileId=560 |archive-url=https://wayback.archive-it.org/all/20171010164444/http://www.fao.org/in-action/globefish/en/ |url-status=dead |archive-date=10 October 2017 |title=FAO Globefish global trends 2006 |access-date=8 March 2009}}</ref><ref>{{cite web |date=28 January 2011 |title=Mener Norge bør satse på våpen når oljen tar slutt – VG Nett om Stoltenberg-regjeringen |trans-title=They think Norway should invest in weapons when the oil runs out – VG Nett about the Stoltenberg government |url=http://www.vg.no/nyheter/utenriks/artikkel.php?artid=10037949 |access-date=7 March 2011 |website=vg.no |publisher=[[Verdens Gang]] |language=no |archive-date=4 February 2011 |archive-url=https://web.archive.org/web/20110204132844/http://www.vg.no/nyheter/utenriks/artikkel.php?artid=10037949 |url-status=live }}</ref> Fish from fish farms and catch constitutes the second largest (behind oil/natural gas) export product measured in value.<ref>{{Cite web|url=https://www.regjeringen.no/no/dokumenter/norsk-naringsvirksomhet---strukturen-i-n/id87547/#Sentrale|title=Norsk næringsvirksomhet – Strukturen i norsk økonomi|last=handelsdepartementet|first=Nærings- og|date=18 May 2000|website=Regjeringen.no|language=no|access-date=3 October 2018|archive-date=3 October 2018|archive-url=https://web.archive.org/web/20181003220943/https://www.regjeringen.no/no/dokumenter/norsk-naringsvirksomhet---strukturen-i-n/id87547/#Sentrale|url-status=live}}</ref><ref>{{Cite news|url=https://www.ssb.no/nasjonalregnskap-og-konjunkturer/faktaside/norsk-naeringsliv|title=Norsk næringsliv|work=ssb.no|access-date=3 October 2018|language=nb-NO|archive-date=3 October 2018|archive-url=https://web.archive.org/web/20181003190320/https://www.ssb.no/nasjonalregnskap-og-konjunkturer/faktaside/norsk-naeringsliv|url-status=live}}</ref> Norway is the world's largest producer of salmon, followed by [[Chile]].<ref>{{Cite news|url=https://www.istoedinheiro.com.br/algas-nocivas-matam-mais-de-42-mil-toneladas-de-salmao-no-chile/|title=Algas nocivas matam mais de 4,2 mil toneladas de salmão no Chile|access-date=4 September 2022|archive-date=24 October 2022|archive-url=https://web.archive.org/web/20221024140847/https://www.istoedinheiro.com.br/algas-nocivas-matam-mais-de-42-mil-toneladas-de-salmao-no-chile/|url-status=live}}</ref>

[[hydroelectricity|Hydroelectric plants]] generate roughly 98–99% of Norway's electric power, more than any other country in the world.<ref>{{cite news |title=Binge and purge |url=http://www.economist.com/displaystory.cfm?story_id=12970769 |quote=98–99% of Norway's electricity comes from hydroelectric plants. |newspaper=[[The Economist]] |access-date=30 January 2009 |date=22 January 2009 |archive-date=6 January 2019 |archive-url=https://web.archive.org/web/20190106222818/https://www.economist.com/briefing/2009/01/22/binge-and-purge |url-status=live }}</ref>

Norway contains significant mineral resources, and in 2013, its mineral production was valued at US$1.5&nbsp;billion (Norwegian Geological Survey data). The most valuable minerals are calcium carbonate ([[limestone]]), building stone, [[nepheline syenite]], [[olivine]], iron, [[titanium]], and [[nickel]].<ref>{{Cite web|url=http://www.ngu.no/upload/publikasjoner/rapporter/2014/Mineral%20Resources2013_screen.pdf?fileId=560|title=Mineral Resources in Norway in 2013|access-date=14 November 2015|archive-date=17 November 2015|archive-url=https://web.archive.org/web/20151117031033/http://www.ngu.no/upload/publikasjoner/rapporter/2014/Mineral%20Resources2013_screen.pdf?fileId=560|url-status=live}}</ref>

In 2017, the Government Pension Fund controlled assets surpassed a value of US$1 trillion (equal to US$190,000 per capita),<ref>{{Cite web|url=https://www.nbim.no/en/|title=The fund|website=Norges Bank Investment Management|language=en-GB|access-date=4 June 2019|quote=2017 The fund's value reaches 1 trillion dollars|archive-url=https://web.archive.org/web/20181121075650/https://www.nbim.no/en/|archive-date=21 November 2018|url-status=dead}}</ref> about 250% of Norway's 2017 GDP.<ref>{{Cite web|url=https://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/statistikker/knr|title=National accounts – SSB|website=Statistics Norway|language=en-GB|access-date=14 January 2020|quote=Statistics Norway national accounts|archive-date=11 January 2020|archive-url=https://web.archive.org/web/20200111013605/https://www.ssb.no/en/nasjonalregnskap-og-konjunkturer/statistikker/knr|url-status=live}}</ref> It is the largest [[sovereign wealth fund]] in the world.<ref>{{cite news |author=Stanley Reed |title=Norway's Sovereign Wealth Fund Ramps Up Investment Plans |url=https://dealbook.nytimes.com/2014/06/24/norways-sovereign-wealth-fund-ramps-up-investment-plans/ |quote=The fund, the world's largest sovereign wealth fund ... |newspaper=[[The New York Times]] |date=24 June 2014 |access-date=27 April 2015 |archive-date=22 June 2015 |archive-url=https://web.archive.org/web/20150622201511/http://dealbook.nytimes.com/2014/06/24/norways-sovereign-wealth-fund-ramps-up-investment-plans/ |url-status=live }}</ref>

Other nations with economies based on natural resources, such as Russia, are trying to learn from Norway by establishing similar funds. The investment choices of the Norwegian fund are directed by [[Socially responsible investing|ethical guidelines]]; for example, the fund is not allowed to invest in companies that produce parts for nuclear weapons. Norway's highly [[transparency (market)|transparent]] investment scheme<ref>{{Cite web|url=https://www.nbim.no/en/transparency/|title=Transparency|website=www.nbim.no|language=en-GB|access-date=22 November 2018|archive-url=https://web.archive.org/web/20181121103940/https://www.nbim.no/en/transparency/|archive-date=21 November 2018|url-status=dead}}</ref> is lauded by the international community.<ref>{{Cite news|url=https://www.ft.com/content/b6e0e756-e87c-11e1-8397-00144feab49a |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/b6e0e756-e87c-11e1-8397-00144feab49a |archive-date=10 December 2022 |url-access=subscription |url-status=live|title=Investment: Norway's nest egg|website=Financial Times|date=19 August 2012|language=en-GB|access-date=22 November 2018}}</ref>