It is a well-known fact that the wealth of modern Norway comes from oil deposits. Interestingly, the case of this country is very interesting. It turns out that it is one of the few countries that did not run into financial difficulties after discovering rich natural resources. When did Norway discover oil? To what extent does the raw material determine the economy? We answer!
Pre-petroleum Norway
It seems impossible now, but in the early 60s, Norway was one of the poorest countries in Europe. Their economy was mainly derived from fishing, which is quite understandable due to the unfavorable conditions for farming. However, the harsh conditions have taught one thing - the Norwegians have so far been able to take full advantage of natural resources. This is evidenced by the fact that approximately 98,5% of electricity comes from hydroelectric power plants.
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When did Norway discover oil?
However, the country's economy has changed irreversibly since Norway discovered oil. The turning point was 1967, when huge deposits of this raw material were discovered on the Norwegian continental shelf of the North Sea. The area was named Balder, however, the mining methods of that time did not guarantee profitability. The oil field began to be intensively exploited only in the 90s.
Norwegian oil fields
Currently, the largest production of crude oil is in the hands of the state-owned company Equinor. However, the oldest oil field Ecofis was opened by the Conocco Philips concern (which was once interested in Polish shale gas). The first extraction on a larger scale began in 1971 and, according to official sources in 2013, the operation was planned for another 40 years.
However, it was Equinor who started last year the largest mining project in 30 years. It is associated with the launch of the field Johan sverdrup, on which four new mining platforms are to be built. In total, it is estimated that the project will generate revenues of NOK 350 million per day and that over 12 people will be employed there. employees. Equinor reports that the entire project will be launched this year.
It might not be that beautiful
The fact that Norway's economy has gained momentum since the discovery of oil did not have to be so obvious. There is a known Dutch syndrome, as a result of which countries paradoxically begin to have financial problems after discovering rich natural resources. It was like that with the Netherlands in 1969 after the discovery of rich natural gas resources, so is now with Venezuela, which until recently was an oil tycoon.
Undeniably, however, the modern Kingdom is one of the richest countries in the world. GDP per capita ranks this country in third place in Europe and only in Luxembourg and Switzerland are better in this respect. Interestingly, it also ranks 3rd in the world but equally from Macau. How is your life in this country? Can you feel that the Norwegian economy is doing much better since Norway discovered oil? Let me know in the comments!
