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Unformatted text preview: ss to find more, attention was drawn to the North Sea. Norway’s
geological expertise was pessimistic regarding oil and gas deposits, but
this could not stop the enthusiasm after the discovery of gas in the
In October 1962, Philips Petroleum sent an application to the
Norwegian authorities for exploration in the North Sea. The company
wanted a licence for the parts of the North Sea that were on Norwegian
territory, and that would possibly be included in the Norwegian shelf. The
offer was USD 160,000 per month and was seen as an attempt to get
exclusive rights, and for the authorities it was out of the question to hand 8
© Ifri F. Harbo / The European Gas and Oil Market over the whole shelf to one company. If the areas were to be opened for
exploration, many more companies had to participate. In May 1963, the
government proclaimed sovereignty over the Norwegian continental shelf.
A new law determined that the state owns all the natural resources on the
Norwegian continental shelf, and that only the King (the government) is...
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This document was uploaded on 03/30/2014.
- Summer '14