The North Sea has for decades been the largest offshore market in the world, and the Norwegian shelf is among the most demanding environments in the world. In order to meet these demands, Norway has taken the lead in developing and testing a string of revolutionary offshore innovations.

Accordingly, expertise and competitiveness have been strengthened in the offshore engineering and supply industry for oil operations. A number of large companies such as Aker Kværner, Siemens Offshore, Technip and Vetco are located in the Oslo region and make up what many feel is the most complete subsea engineering cluster in the world. In addition, many smaller, specialised firms and consultants are located in the region to serve and support oil companies and larger suppliers. 
 

Northern areas
The brightest prospects for future development may lie north of the Arctic Circle, in the Barents Sea. The Snøhvit project just outside of Tromsø in Norway has already come online, and the enormous Shtockman field on the Russian side is nearing development stage, with the Norwegian company StatoilHydro and French Total as partners to the Russian operator Gazprom. These and other Arctic projects will mobilise technical, administrative and R&D resources in the Oslo region, as the industry in the south gears up to support development in the north.

Integrated O&G cluster
The petroleum industry in Norway constitutes a complete value chain, and all segments except production and operations are represented in Oslo. The links to other industry groups such as maritime and ICT are also strong, with both groups servicing offshore activities. These synergies help and spur technology development, innovation and competition.

Rich past, solid future
Norway's rich supply of primary energy sources such as crude oil, natural gas and hydropower, has played a vital role in economic growth and prosperity in the country. Petroleum activities will continue to be a top priority in Norwegian economic development for many years, though focus is gradually shifting to renewable energy and environmental technology.