Petroleum Price Board

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The Petroleum Price Board (Petroleumsprisrådet) is a Norwegian government agency responsible for setting norm prices for petroleum produced on the Norwegian continental shelf. The Board has six permanent members, including four government-appointed independent experts and one representative each from the Ministry of Finance and the Ministry of Petroleum and Energy. The Board meets quarterly. [1]

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Petroleum naturally occurring flammable liquid

Petroleum is a naturally occurring, yellowish-black liquid found in geological formations beneath the Earth's surface. It is commonly refined into various types of fuels. Components of petroleum are separated using a technique called fractional distillation, i.e. separation of a liquid mixture into fractions differing in boiling point by means of distillation, typically using a fractionating column.

Norwegian continental shelf Norwegian administrative area, rich in petroleum and gas

The Norwegian continental shelf is the continental shelf over which Norway exercises sovereign rights as defined by the United Nations Convention on the Law of the Sea.

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References

  1. "Regulations relating to norm price fixing - Norwegian Petroleum Directorate". Npd.no. 2008-09-17. Retrieved 2012-03-17.