Word: statoil
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Dates: during 1970-1979
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Norway's policy has been to tap its oil wealth slowly, so as not to bring in gushers of money all at once and disrupt the economy. Unlike Britain, though, Norway has firmly made up its mind as to what role the government should play. Through Statoil, the state oil company, Norway controls most of its oil industry. It buys up to 75% interests in production ventures; Statoil and Mobil along with other oil companies are partners in Statfjord, Norway's biggest oilfield yet (3 billion bbl. in reserves). Headed by Arve Johnsen, a 41-year-old economist...
...imposed stiff fees for concession rights and royalty fees of 8% to 16% on every barrel of oil produced. It has also proposed an income tax of up to 91% on all revenues earned from oil pumped in Norwegian fields. Moreover, it has created a state-owned oil company, Statoil, that must be included as a partner in nearly all private drilling ventures. The government flatly forbids drilling north of the 62nd parallel, where most of the nation's 30,000 fishermen live and work. The fishermen fear that oil spills and giant rigs will destroy their fishing banks...