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Regulating Petroleum Industry and Revenues: What Does Norway Get Out of the Petroleum Industry?

Author(s): Noralv Veggeland

Journal: International Journal of Business and Management
ISSN 1833-3850

Volume: 7;
Issue: 3;
Date: 2012;
Original page

The Norwegian Ministry of Petroleum and Energy (MPE) has from the beginning of the discovery of petroleumheavily regulated the production, transport, sale and revenues of oil and gas. The financial Government PensionFund – Global was established, and later ethical guidelines have strictly regulated the Fund’s foreign investments.The regulations are manifold and complex, which complicate both national and global implementations. Thisstudy shows that strong political will has made the adherence to the regulations successful. There remains onequestion, however: what do Norwegians themselves get out of the financial savings, besides a modest interest anddividend yield? The export surplus is said to be so large that spending more than a small fraction at home wouldcause inflation. The study elaborates the dilemma: public infrastructure represents the largest capital expenditurein almost every country, yet little trace of its economic role appears today in Norwegian infrastructure accounts.

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