Nordic Initiative to host Norway’s petroleum minister at UND Nov. 5

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News Article

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College of Business & Public Administration


Norway's minister of petroleum and energy will discuss the future of oil and gas and the Norwegian perspective starting at 10:30 a.m., Monday, Nov. 5 at the University of North Dakota Center for Innovation, 4200 James Ray Dr.. Oil and gas was discovered on the Norwegian Continental Shelf more than 40 years ago. Offshore oil and gas resources have benefited Norwegian society making it possible to create the largest pension fund in the world of more than $600 billion for a country of 5 million citizens.

The petroleum industry is Norway's largest industry employing about 200,000 people. Recently several large discoveries have been made on the Norwegian Continental Shelf. The oil industry is now moving north – a development which holds great potential and creates considerable excitement and some controversy. A year ago Norway's state-controlled Statoil came to North Dakota with the strategic acquisition of Brigham Exploration for $4.4 billion thus becoming a major oil company in North Dakota.

Statoil is two-thirds owned by the Norwegian government. Norway is the second-largest net exporter of gas and is the seventh-largest exporter of oil in the world.

The Nordic Initiative will host Norway's Minister of Petroleum and Energy, Ola Borten Moe, and his delegation during their visit to Grand Forks, Bismarck and Williston. During their stay, the Minister and his delegation will met with Norwegian students, oil experts, government officials and energy leaders as well as Statoil.