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Norway Table 2. Added value of ocean industries in Norway
belonging to the Sovereign Fund and which
With one of the largest Gross Domes- are delivered to the annual state budget of Billions of Norwegian Krone (current prices) Norway
tic Products/per capita in the world and Norway, this country managed to build one
with a unique economic and social devel- of the largest financial funds with the re- Sector 2010 2016
opment, Norway has been able to make sources obtained from offshore oil explora- Marine food 33.1 57.9
good use of the main resources that the tion, providing its citizens with one of the Offshore oil 596.6 478.5
ocean offers it in an innovative way. best rates of well-being at a global level
With the tight control of the funds (Government Pension Fund, [2021]). Maritime transport and ports 32.2 40.7

Graph 2 – Value of the Sovereign Fund of Norway Tourism 32.2 45.4
Total 694.1 622.5

12000 Source: Norway’s integrated ocean management plans (2020)

In addition to competence and rigor in in ocean engineering, to have been able to
the management of national resources, overcome major obstacles in the deep sea,
10000
Norway has managed to add a great ca- and that this was only possible through
pacity to anticipate future trends and has “learning by doing” and constantly adapt-
invested, for some years now, in innova- ing to the new realities that lay ahead. In
8000
tion associated with the enhancement of this context, they consider that change is
maritime resources. necessary to find a balance between the
If in the 1960s, in a pioneering way, production of energy that the world needs
5000
Norway anticipated the economic value and the fight against climate change. Thus,
of offshore gas, it is now preparing for they are evolving from an oil and gas com-
4000 the future in order to reduce dependence pany to an energy company, where renew-
on offshore oil in the country’s wealth able energies are also important and car-
production. bon capture is also relevant.
2000 An example of the great anticipation of To continue its successful path on the
trends and innovative capacity is the recent path of sustainable development of its
change of name and strategy of one of the main marine industries, Norway has set up
0 best companies in the world in the explora- a governance model and created strategic
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 tion of offshore oil, Statoil (now Equinor). plans to think about its future. According
Equinor, after 45 years calling itself Statoil to the report “Meld. St. 20, (2019-2020)
Billions of Norwegian Krones 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 and investing in the excellence of oil explo- Norway’s integrated ocean management
Value of the Sovereign Fund of Norway 3077 3312 3816 5038 6431 7475 7510 8488 8256 10088 10914 ration in the ocean at great depths, now plans”, the structure of the governance
considers it essential, in the present and in model, includes a steering committee, with
Source: State Pension Fund, Government of Norway (2021) the future, to bet on the balance between executive functions, which brings together
It should be noted that only a small the Government of Norway, which de- energy and ecosystems, guaranteeing the main ministries of the Norwegian gov-
part of the aforementioned Sovereign notes a concern for current and future equal opportunities for people (Equinor, ernment, advised by a forum for the inte-
Fund, never exceeding the annual earn- generations, so that the Fund gains value [2022]). On its institutional website, this or- grated management of the ocean and an
ings, is allocated to the state budget of and remain sustainable over many years. ganization claims to have achieved mastery advisory and monitoring group.

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