| Norway, which has built the world’s biggest sovereign wealth fund from its oil riches, has also struggled to stop its commodity reliance from overheating the economy. It’s among the costliest places in the world to do business. Workers in its offshore industry were the best or second-best paid worldwide over the past five years, according to recruitment firm Hays Inc.
It costs more to drill a well off Norway than anywhere else, according to a government-commissioned report in 2012. “The most important focus for Norwegian producers now is to reduce costs to be competitive,” said Tommy Hansen, a spokesman for the Norwegian Oil and Gas Association, a lobby group representing companies from Statoil to Royal Dutch Shell Plc and ConocoPhillips...............................................Full Article: Source
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