 The ministry is responsible for the government's energy policy, including management of Norway's energy resources, including the valuable deposits of petroleum and hydroelectricity.Major subordinate agencies and companies include the Water Resources and Energy Directorate, the Petroleum Directorate, Petoro, Gassnova, Gassco, Enova, Statnett and a partial ownership of Statoil.The position was created on 11 January 1978 as a response to the increased importance of oil on the Norwegian continental shelf.