A number of engineering and construction companies emerged from the remnants of the largely lost shipbuilding industry, creating centers of competence in Stavanger and the western suburbs of Oslo.
Stavanger also became the land-based staging area for the offshore drilling industry.
It was also the world's third largest natural gas exporter (at 99bcm), having significant gas reserves in the North Sea.
As a share of GDP, the export of oil and natural gas is approximately 17%.
Norway is a large energy producer, and one of the world's largest exporters of oil.
Most of the electricity in the country is produced by hydroelectricity.
Tying this fiscal policy to the oil market for equity concerns creates a cost-benefit economic solution towards a public access good problem in which a select few are able to reap the direct benefits of a public good.Norway can serve as a role model for many countries in terms of petroleum resource management.In Norway, good institutions and open and dynamic public debate involving a whole variety of civil society actors are key factors for successful petroleum governance.Despite producing the majority of its electricity from hydroelectric plants, Norway is ranked 30th in the 2008 list of countries by carbon dioxide emissions per capita and 37th in the 2004 list of countries by ratio of GDP to carbon dioxide emissions.Norway is a signatory to the Kyoto Protocol, under which it agreed to reduce its carbon emissions to no more than 1% above 1990 levels by 2012.