According to the 2008 BP Statistical Energy Survey, Norway had proved oil reserves of 8.171 billion barrels at the end of 2007 or 0.66 % of the world's reserves. During the same period Norway produced an average of 2556 thousand barrels of crude oil per day, 3.04% of the world total and a change of -7.7 % compared to 2006. Norway ranks as the world’s third largest oil exporter and the seventh largest oil producer. According to the 2008 BP Statistical Energy Survey, Norway had 2007 proved natural gas reserves of 2.96 trillion cubic metres, 1.66% of the world total, and natural gas production of 89.68 billion cubic metres, 3.04% of the world total.
All of Norway’s oil reserves are located offshore on the Norwegian Continental Shelf (NCS). With the Ekofisk discovery in 1969, the Norwegian oil adventure began in earnest. Production from the field began on 9 June 1971, and in the following years a number of major discoveries were made. Today, there are 48 fields in production on the Norwegian Continental Shelfs. Production from these fields corresponds to around 20 times the domestic consumption of petroleum and has established Norway as a key supplier to the global oil market and the European gas market. According to the 2008 BP Statistical Energy Survey, Norway consumed an average of 220.67 thousand barrels a day of oil and 4.27 billion cubic metres of natural gas in 2007.
The Norwegian government plays an important role in the oil sector. Statoil, which is 71% owned by the government, controls over 60% of Norway's oil and gas production. The largest private oil producers in Norway are ConocoPhillips, ExxonMobil, and BP.
Petroleum activities have contributed significantly to economic growth in Norway and to the financing of the Norwegian welfare state. Through more than 30 years of operation, the industry has created values in excess of NOK 4,000 billion in current terms; it is today Norway’s largest industry. In 2004, the petroleum sector accounted for 21 percent of the value creation in the country. This equates to twice the value creation of the manufacturing industry and around 15 times the total value creation of the primary industries. Through direct and indirect taxes and direct ownership, the state is ensured a high proportion of the values created from the petroleum activities. In 2004, the state’s net cash flow from the petroleum sector amounted to 28 percent of total revenues. After more than 30 years of production, the business has generated net revenues to the state in the order of NOK 2,000 billion in current terms.
According to the 2008 BP Statistical Energy Survey, Norway had a 2007 refinery capacity of 310 thousand barrels a day, 0.35% of the world total.
