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Abstract
Oil
and
gas
have
been
produced
on
the
Norwegian
continental
shelf
since
1971.
Exploration
rates,
extraction
rates,
employment,
expertise
levels,
exports
of
oil
and
gas
have
all
increased
many
fold
during
1971-‐2013.
The
State
has
several
roles
in
the
Norwegian
petroleum
sector
including
basic
research
provider,
allocator
of
exploration
rights,
investor,
infrastructure
owner,
taxation
collector,
Sovereign
Wealth
Fund
owner.
In
this
paper
I
review
the
development
of
the
petroleum
sector
in
Norway,
and
highlight
the
various
roles
of
the
State
in
the
development
of
the
sector.
The
paper
provides
an
overview
of
the
macroeconomic
importance
of
oil
and
gas
in
the
Norwegian
economy
and
critiques
selected
petroleum
related
policies.