The discovery of North Sea oil in 1969 led rapidly to Norway’s transformation into the global oil power that it is today. The Norwegian Petroleum Directorate evaluated the production during 2007 of 237.8 million standard cubic metres (Sm³) marketable oil equivalents (o.e.). But with this success comes responsibility. “Norway’s regulatory framework is aimed at protecting the environment and producing and transporting oil and gas in a safe and reliable manner,” Norway’s Minister of Foreign Affairs, Jonas Gahr Støre told the EPC Policy Briefing in Brussels, “It has spurred technological innovation and helped make the Norwegian Continental Shelf the most energy-efficient producing region in the world.”