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Historically known for its thriving timber and fishing industries, Norway enjoyed stability and prosperity for nearly 150 years after the Napoleonic Wars. The landscape shifted dramatically in 1969 when oil was discovered on the Norwegian continental shelf. This transformed the nation’s economy and positioned Norway for unprecedented wealth.
In a bold move, the Norwegian government declared that natural resources found in the continental shelf belonged to the State. This decision not only safeguarded national interests but allowed Norway to retain ownership over its oil resources, leading to the establishment of Statoil (now Equinor), which became a cornerstone of the country’s energy strategy.