Mr. Svein Gjedrem:

It has not always been popular, that is for sure. There is a special tax.

The return from investments in the oil sector, although fluctuating all the time, is very high. That has to do with the fact that oil resources in the world market are limited so an extra return is available, over and above a normal return on investments for other companies. We call that an economic rent. Since the 1970s, Norwegian society and politicians have been clear that the economic rent, that is, the expected return from investments in the oil sector over and above normal returns, belongs to the Norwegian people. It is an investment neutral tax, that special tax on the economic rent, in the sense that it is a tax on the cash flow from the oil sector. That means they can immediately deduct investment costs from the investments. That means it is neutral when it comes to the investment decisions of the oil companies. It means that an investment that is economically viable before tax also will be economically viable after tax. That is, of course, acceptable to the oil companies. The tax system has been stable over time, which has also been important for the oil companies.