In the middle of the 1960s, people started to search for oil below the seabed of the Norwegian Sea. The Norwegian economy was not very good at that time, so foreign oil companies took part in the test drilling. They drilled for four years without finding any oil. However, in 1969 they finally struck an oil field.
The first Norwegian oil field was named Ekofisk. You can sea the names of many other oil fields on the map. As you can see there are now many oil fields in the sea off the coast of Norway. Today, only Saudi Arabia exports more oil than Norway.
The Norwegian state owns its own oil company. It is called Statoil. Statoil’s headquarters are in Stavanger. Many foreign oil companies also have offices in or near Stavanger. Stavanger is Norway’s oil city.
Oil has made Norway a rich country. A large percentage of the oil money is invested in an oil fund. Every year the amount of money in the oil fund increases. The politicians in the Storting do not agree on how the money in the oil fund should be spent. Some want to spend the money on solving some of the problems in Norway today, while others want to save as much as possible for the future.
Oil field off the coast of Norway
What will happen when Norway no longer earns income from oil?
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