This chapter examines the extent to which Norway has managed to remain a diversified economy during the period where oil and gas have become a dominant export sector. The rapid long-term economic growth as an oil economy from 1970, and the ability to remain an industrial economy with a large, competitive and export-oriented economy makes Norway an outlier among oil economies during this period. The chapter presents some generalised facts about Norway's economy and economic development. It also discusses the policy implications of the empirical studies. The chapter describes two main types of interventions for diversification of the economy: instruments supporting knowledge capability building; and instruments supporting the creation of platforms for inter-sectoral learning processes. It talks about the emergence of new industries - offshore oil production and salmon fish farming - that illustrates the importance of existing technological capabilities in the economy for the type of industrial diversification.