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In october 1962 philips petroleum sent an application

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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 Netherlands. 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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