Norway Oil Success Essay examples - 1714 Words

Introduction The oil industry in Norway has seen enormous success that is virtually unmatched by any other country in the world. Since the discovery of oil on its coast in 1969, the country has experienced steady economic growth. Accordingly, Norway’s massive GDP is a reflection of this growth; as of 2012, it ranked in the top 25 of the world (The World Bank, 2012). The cohesion between oil and economics in Norway has worked for a number of reasons. Firstly, policy makers have kept a close eye on the management of Norway’s massive oil reserves. Strict guidelines are implemented so that the reserves will not only last for future generations, but also benefit the current economy. That being said, policies old and new have positive†¦show more content†¦At the time, Norway approached its oil reserves with caution. The government asserted that the bottom of the Norwegian sea belonged to Norway, and the oil industry would strictly be run by Norwegians (Foster, 1974). This alone ensured Norwegians security in what now appears to be Norway’s greatest asset. Today, the oil sector in Norway acts as an exemplar for other countries attempting to exploit their resources. Countries are attracted to the seemingly flawless planning by the Norwegian government. Oil has contributed to the country’s enormous GDP, sitting at just under $500-billion US, in 2012 (Trading Economics, 2013). This attracts countries like Tanzania and Canada, among many others, who are attempting to adopt similar policies to emulate the same success (Hsieh, 2012; â€Å"Tanzania; Emulate Norway†, 2012). This comes as no surprise. Information from Statoil (2014), one of the largest oil extracting companies in Norway, predicts that in the future, 1.4 million barrels of oil will be produced per day. With such high production rates, it is no wonder Norway has implemented policies to maximize socio-economic benefits. Political Approaches Strategic government planning has enabled Norway’s oil industry to grow remarkably efficiently. In a move that defies most economic models in practice today, Norway seeks to adopt management which provides unity between the oilShow MoreRelated Norway and Its Climate Changes1054 Words   |  5 Pagesis a major global issue and is a pressing issue in Norway as well. The country has ratified the Kyoto Protocol and signed on to other treaties regarding the state of the earth. Similar to its history, current climate changes may have adverse effects on the culture and economy of Norway. Two significant climate change issues in Norway are carbon dioxide (CO 2) emissions and the warming of the Arctic Ocean; both have important impacts on both Norway and the world. Climate change is not a new phenomenonRead MoreThe Kingdom of Norways Country Analysis Essay examples1409 Words   |  6 PagesThe Kingdom of Norways Country Analysis Norway is one of the most developed countries in Europe. Although they are not apart of the European Union, their economy has bloomed due to good growth in the export markets and petroleum investments along with public sector demand and low-interest rates. Because they are the worlds fifth largest exporter of oil and gas, this contributes to about a third of their revenue. Their good growth has also had a positive effect on other parts of the economy suchRead MoreEssay about Capitalism and Socialism1566 Words   |  7 Pagesproduce them, and allows markets to guide who gets them. IN the United States, oil is an example of an industry that is run by this principle. Life would be different, however, if the nation was socialist. 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NORWAY EXAMPLE Norways electric car market speeds ahead While the Scandinavian country of Norway may be one of the largest oil producers in Europe, it alsoRead MoreOpec And The Price Of Oil873 Words   |  4 PagesOPEC and the price of oil The organization of the petroleum exporting countries or OPEC was created at Baghdad Conference in Iraq in September 1960. The founding members of organization were Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. These five states were later joined by nine other countries: Qatar (1961), Indonesia (1962), Libya (1962), United Arab Emirates (1967), Algeria (1969), Nigeria (1971), Ecuador (1973), Gabon (1975), and Angola (2007). Ecuador and Gabon withdrew from the organizationRead MoreComparative Politics Is An Essential Field Within Political Science1477 Words   |  6 Pageswidespread corruption can have significant repercussions on sustainability, the balance of power, and individual rights within a nation state. 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The country Qat ar also has a very well or developed oil industry as claimed on website â€Å"http://www.worldatlas.com/articles/the-richest-countries-in-the-world.html†In addition, as stated in the website â€Å"http://www.lifeinqatar.com/Pages/en/article/living/interesting-facts-about-qatar.html† states â€Å" QatarRead MoreImpact of International Environmental Laws on Oil and Gas Production1993 Words   |  8 Pagesï » ¿Evaluation of the Impact of International Environmental Laws on Oil/Gas Production Background National oil companies (NOCs) are reported as having become key actors within, as well as shapers of the international oil market. 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