A Short History of the Norwegian Oil Industry: From Protected National Champions to Internationally Competitive Multinationals

This study explores how Norway, as a latecomer to oil production, was able to develop both effective oil companies and an internationally competitive oil service industry. The article focuses on two rather distinct phases: the protectionist phase, in which a strong focus on local content fostered skilled Norwegian oil companies as well as a national oil service industry, and the phase of liberalization or financialization, where new forms of contact and openness to foreign ownership laid the basis for internationally oriented Norwegian oil companies and oil supply and service firms.