The Role of the Hydrocarbons Regulatory Agency in Norway Coursework

The Role of the Hydrocarbons Regulatory Agency in Norway - Coursework Example This undertaken initiative also includes the structuring of appropriate strategies meant to increasing the effectiveness of oil and natural gas extraction operations within the Arctic regions1. The authoritative body that regulates the hydrocarbon production and distribution within Norway is the Storting (Parliament). This governmental institution has also been provided with the responsibility of structuring appropriate policies that are meant to ensure appropriate environmental safeguard. This governmental infrastructure found its existence during the period of 1814 and since then, it has been majorly involved in the formulation of effective regulations through, which the hydrocarbon resources of this nation can be utilized in a much effective manner. Apart from the Storting (Parliament), multiple other governmental entities also subsist within the nation, which regulates every functional aspect of the hydrocarbon sector of Norway2. Instances in this context can be provided by taking reference of the activities performed by the Ministry of Petroleum and Energy (MPE) and the Petroleum Safety Authority Norway (PSA) in context to utilizing the hydrocarbon resources of this n ation in an effective manner. Thus, this discussion will majorly focus towards understanding the roles and objectives of the hydrocarbon regulatory agencies of Norway. The objective of this discussion will also include summarised facts regarding the techniques through which, the governmental structure of Norway planned to utilize its resource base with the intention of accomplishing the future growth perspectives of the nation’s economy3. Specific comparisons will also be carried out between the roles and responsibilities of the hydrocarbon regulatory agencies of Norway to that of the regulatory agencies of other specific nations. Considering the above facts, a simple