National

While Norway has historically generated significant revenue from oil, the country needs to diversify its interests and investment to ensure future cashflow, as global demand for fossil fuels declines.

To ensure economic and social prosperity – to maintain the capital coming into the country and to protect thousands of jobs – Norway is therefore reducing its dependence on oil and gas.

As well as benefitting local areas and people, the ripple effect of our operations will bring benefit many industries – such as manufacturing, construction and transport.

Impacts

• US$36 billion of European economic revenue can be protected by our minerals
• Employment: Our project can have significant employment effects through the ripple effects from our project  
• Reduction in industrial CO2 emissions  
• Protection of strategic industries

Norwegian minerals act

This Minerals Act indicates a shared understanding of the economic benefits and strategic significance of resource development in Norway.

The country’s minerals, coupled with its high environmental and social sustainability standards, offer opportunities to create a responsible and inclusive ecosystem for critical resource supply and security.

The purpose of the Act is to promote and ensure socially responsible management and use of mineral resources in accordance with the principle of sustainable development. The proposal for a new mineral law aims to maintain the distinction between the state and landowner minerals.