Word: statoil
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Dates: during 1974-1974
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...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...