In 2013 Norway was ranked the 15th-largest oil producer, and the 11th-largest oil exporter in the world. It is also the biggest oil producer in western Europe.
Norway’s petroleum sector is its most important industry. The petroleum sector accounts for 21.5% of its GDP, and almost half (48.9%) of total exports
Oil is therefore regarded as a vital national resource and is the backbone of the Norwegian economy, though just like in the UK, its best years are in the past.
Production levels have been dropping since the turn of the century, peaking at 3.5m barrels per day in 2001 to less than 1.9m in 2014.
Read the full Scottish Energy News PLATFORM story – http://goo.gl/yeu4Js