Norway Becomes Petro-State as Investors Balk at Hidden AAA Risks

Norway Becomes Petro-State as Investors Balk at Hidden AAA Risks

Kristian Helgesen/Bloomberg

The Scarabeo 8 deepwater oil drilling rig stands illuminated at night after being re-fitted at the Westcon AS yard in Olensvag, Norway. Norway, which started pumping oil in 1971, has seen its production more than halve over the past decade.