Statoil was created in 1972 to harvest the enormous oil reserves discovered in the North Sea in 1969. Extensive public debate led to the conclusion that Norway’s petroleum wealth should be a means to economic, social and industrial development.
This commitment was enshrined in the ‘Ten Oil Commandments’, some of which include:
- national governance and control of all petroleum operations;
- oil self-sufficiency;
- the creation of new industrial sectors based on petroleum;
- petroleum development must not undermine existing industries or environmental protections;
- active State policies to promote Norwegian interests, including an integrated oil industry;
- creation of a State oil company;
- close attention should be paid to the foreign policy implications of oil discoveries.
Check out: Bruce Campbell, The Petro-Path Not Taken: Comparing Norway with Canada and Alberta's Management of Petroleum Wealth, published by the Canadian Centre for Policy Alternatives