The Janus Face of Petroleum: Norway, Venezuela and Petrostate-led Development

Abstract: This paper examines the strategic management of natural resources in Venezuela and Norway,focusing on the role of the State in the petroleum industry and its implications for economicdevelopment. In Venezuela, the national oil company PDVSA experienced increased stateintervention, leading to a dependence on petroleum revenues and limited diversification. Incontrast, Norway's approach, exemplified by Statoil, emphasized corporate independence anddiversification efforts beyond the petroleum sector. The study explores the interplay betweenpolitics and corporate interests in both countries, considering the influence of the politicalcontext on Statoil's operations and the impact of the "resource trap" in Venezuela. Byanalysing these cases, the paper contributes to our understanding of strategic resourcemanagement and offers valuable insights for developing countries facing similar challenges.