How does Norway manage its oil reserves?

In 1962, American oil giant Phillips Petroleum co. (now part of ConocoPhillips), offered the Norwegian government $160,000 per month for full licensing rights to drill for oil on the Norwegian continental shelf. read more

When oil was discovered in the Norwegian continental shelf in 1969, Norway was very aware of the finite nature of petroleum, and didn't waste any time legislating policies to manage the new-found resource in a way that would give Norwegians long-term wealth, benefit their entire society and make them competitive beyond just a commodities exporter. read more

Domestically, Norway has addressed the complications that occur with oil industry markets in protecting the mainland economy and government intervention in distributing its revenue to combat balance-of-payment shocks and to address energy security. read more