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Figure 14 is a cluster map that depicts the

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Unformatted text preview: at 3.4 million barrels per day, while gas production continues to increase, growing on average by 4.6% from 2006 ­2010. In 2010, Norway produced 2.1 million barrels per day of oil and 106.4 billion cubic meters of natural gas (BP, 2011). This made Norway the 13th largest producer of oil and the 6th largest producer of natural gas. The dominant industry player is Statoil, headquartered in Stavanger, Norway. Statoil was founded in 1972 as a 100% state ­owned oil company, was partially privatized in 2001, The oil & gas cluster in Norway 15 and merged with Norsk Hydro in 2007. Today the Norwegian government owns 67% of Statoil, and the remaining shares are traded on the New York and Oslo stock exchanges. It is the largest company in the Nordic region with $116 billion in 2011 revenues and $85 billion in April 2012 market capitalization (Statoil, 2012). Statoil is internationalizing; 23% of Statoil’s proved reserves are outside of Norway, and an equal percentage of revenues came from international markets in 2011. Oil and Gas Value Chain in Norway As seen in Figure 13, the oil and gas value chain is divided into 3 phases: Upstream (searching for and getting oil and gas out of the ground), Midstream (gas processing and transportation), and Downstream (refining oil and distributing, selling, and marketing oil and natural gas products). There are companies in all parts of the oil and gas value chain in Norway, with particular intensity in Upstream activities due to the small market size for Downstream products. The companies range in size from the behemoth Statoil to startups. Figure 14 is a cluster map that depicts the interaction between the actors in the oil and gas cluster in Norway. The oil & gas cluster in Norway 16 The Upstream...
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