The Norwegian oil and gas industry has been on a fast journey of change during the last decade. International expansion has been faster and more successful than anyone had hoped for. Hundreds of small and large companies have expanded from their home market to the global market. At the same time the industry has been able to meet record high demand in the Norwegian Continental Shelf market.
International turnover reached NOK 118 billion in 2009, almost as high as the turnover in the domestic market, which was NOK 126 billion.
When INTSOK was set up in 1997 to promote Norwegian oil and gas competence abroad, international turnover was less than NOK 20 billion. Internationalization was seen as a way of securing long-term future of the industry. We are well under way to build an industry that has its sights set beyond the NCS.
The petroleum cluster is expanding into global markets with advanced and cost effective technologies and has become a market leader in seismic and reservoir management, underwater and drilling equipment, floating production and supply services. The Norwegian Continental Shelf has been a breeding ground for innovation and technological development thanks to close cooperation between oil companies and the technology industry, actively supported by the government. Strict regulations have forced the industry to develop clean technology solutions to ensure that there are no harmful emissions.
Norway has succeeded in transforming its oil and gas reservoirs, not only into remarkable state pension fund, but also into a remarkable technology and competence reservoir. The knowledge reservoir is, unlike the hydrocarbon reservoirs, renewable and opening new opportunities within a lower carbon future.
Managing Director, INTSOK