Editing Economy of Norway (section)

====Oil-exporting country====
{{main|Energy in Norway}}
[[File:Oil production Norwegian North Sea.PNG|thumb|Oil production, Norwegian sector; Source: Statistics Norway]]

In May 1963, Norway asserted sovereign rights over natural resources in its sector of the [[North Sea]].  Exploration started on 19 July 1966, when [[Ocean Traveler]] drilled its first well.<ref name=":1">{{Cite web |title=Norway's petroleum history |url=https://www.norskoljeoggass.no/en/about-us/oljehistorien/ |access-date=2022-04-12 |website=www.norskoljeoggass.no |language=en |archive-date=27 July 2022 |archive-url=https://web.archive.org/web/20220727091611/https://www.norskoljeoggass.no/en/about-us/oljehistorien/ |url-status=dead }}</ref> Oil was first encountered at the [[List of oil and gas fields of the North Sea#Northern North Sea 2|Balder oil field]] at flank of the [[Utsira High]], about 190&nbsp;km west of [[Stavanger]], in 1967.<ref name=Riberetal2015>{{cite journal |last1=Riber |first1=Lars |last2=Dypvik |first2=Henning|last3=Sørlie |first3=Ronald |date=2015 |title=Altered basement rocks on the Utsira High and its surroundings, Norwegian North Sea |url=http://njg.geologi.no/images/NJG_articles/NJG1_Vol95_1_Riber_Pr.pdf |journal=[[Norwegian Journal of Geology]] |volume=95 |issue=1 |pages=57–89 |access-date=3 February 2018}}</ref> Initial exploration was fruitless, until [[Ocean Viking]] found oil on 21 August 1969.<ref name=":1" />  By the end of 1969, it was clear that there were large oil and gas reserves in the North Sea.  The first oil field was [[Ekofisk]], produced {{convert|427442|oilbbl}} of crude in 1980.  Since then, large [[natural gas]] reserves have also been discovered.

Against the backdrop of the Norwegian referendum to not join the European Union, the [[Norwegian Ministry of Industry]], headed by [[Ola Skjåk Bræk]] moved quickly to establish a national energy policy.  Norway decided to stay out of [[OPEC]], keep its own energy prices in line with world markets, and spend the revenue – known as the "currency gift" – [[The Petroleum Fund of Norway|wisely]].  The Norwegian government established its own oil company, [[Statoil]] (now known as Equinor), and awarded drilling and production rights to [[Norsk Hydro]] and the newly formed [[Saga Petroleum]]. Petroleum exports are taxed at a [[Tax rate#Marginal|marginal rate]] of 78% (standard corporate tax of 24%, and a special petroleum tax of 54%).<ref>{{cite web |url=http://taxsummaries.pwc.com/ID/Norway-Corporate-Taxes-on-corporate-income |title=Norway – Corporate – Taxes on corporate income |access-date=2018-01-14 |url-status=live |archive-url=https://web.archive.org/web/20180114140733/http://taxsummaries.pwc.com/ID/Norway-Corporate-Taxes-on-corporate-income |archive-date=14 January 2018 }}</ref>

The North Sea turned out to present many technological challenges for production and exploration, and Norwegian companies invested in building capabilities to meet these challenges.  A number of engineering and construction companies emerged from the remnants of the largely lost shipbuilding industry, creating centers of competence in [[Stavanger (city)|Stavanger]] and the western suburbs of [[Oslo]].  Stavanger also became the land-based staging area for the [[offshore drilling]] industry. Presently North Sea is past its [[peak oil]] production. New oil and gas fields have been found and developed in the large Norwegian areas of the [[Norwegian Sea]] and the [[Barents Sea]], including [[Snøhvit]].