Gro Brækken, CEO of the Norwegian oil and gas Association, believes that the impression that the Norwegian oil industry is in a deep crisis is exaggerated. At the Norwegian Confederation of Trade Unions (LO), that takes place in Bergen this week, she emphasized that although investments on the Norwegian continental shelf are falling, the investment level is still sky high. This year`s level is the third highest level in Norwegian oil history. The oil industry is an industry that has experienced challenges before, says Kåre Fostervold, State Secretary in the Ministry of Petroleum and Energy. He points out that oil and gas still is Norway's most important industry. - For those who lose their jobs, it is obviously very serious. But it is still important to have a long term perspective. Sometimes change is necessary. We still have substantial remaining resources on the Norwegian shelf. The potential is huge, especially in the North. The recent discovery in the Barents Sea is therefore very pleasing, says Fostervold.