The Norwegian oil industry is a significant sector of Norway's economy, primarily focused on the extraction and production of oil and natural gas from the North Sea. It began in the late 1960s and has since become one of the largest producers of oil in Europe, contributing substantially to the country's GDP and government revenues. Norway's oil production is managed by Equinor, formerly known as Statoil, along with several international companies. The industry is known for its commitment to environmental standards and sustainable practices, aiming to balance economic growth with ecological responsibility.