Regulation No. 5 on the determination of norm prices.

This Regulation governs how standard market prices (norm prices) are set for petroleum extracted on the Norwegian continental shelf. These prices are used for tax assessments, production fees, and transactions involving the state’s share in petroleum extraction. Norm prices should reflect what petroleum could be sold for between independent parties in a free market, considering factors such as quality, transportation costs, and delivery terms. The Ministry of Energy or a designated Petroleum Price Board is responsible for setting these prices quarterly, with the involvement of relevant parties. The Regulation also provides procedures for appeals, revisions, and legal recourse, and requires companies to submit detailed pricing information. It aims to ensure fair taxation and value determination in the petroleum sector.