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The sea and the coastal landscape are still a resource that generates jobs – albeit of a different kind today. Chart: The 500-krone banknote (reverse) The sea proved to have even more to offer the Norwegian nation. A new turning-point in our history was reached when the first barrel of oil was pumped up in 1971. In the years that have followed, the oil and gas industry has been a fundamental mainstay of the economy. Chart: From shipbuilding to platform construction For Norwegian manufacturing, the discovery of North Sea oil came at a convenient time. The shipping industry was being hard hit by the international tanker crisis. At one point, a quarter of the Norwegian tanker fleet in terms of tonnage was laid up. New shipbuilding orders ground to a halt, and workers were laid off. But shipping industry labour and real capital in the form of docks, machinery and equipment were easily adapted to the production of oil platforms and other goods and services needed in the offshore oil sector. The Norwegian business sector has made good use of the opportunities provided by the discovery of oil. The extraction of oil at extreme ocean depths required the development of new technology. The specialised expertise that has been built up has secured contracts – and not just off the shores of Norway. Offshore activity has had substantial spillover effects on other industries. An advanced oil service industry has emerged, and small local communities have been able to broaden their economic base.