Disappointment has been expressed by Statoil at the failure to agree a regulatory system during the climate talks at The Hague.
"Uncertainty about the future rules for reducing greenhouse gas emissions is unfortunate," says environmental adviser Frede Cappelen.
He was an observer for Statoil during the negotiations in the Dutch city, which ended on 25 November.
Representatives from 182 nations were present to conclude talks on a regulatory framework for implementing the Kyoto protocol.
Statoil wants to see the establishment of a system of emission trading with greenhouse gases. And it wants emission reductions achieved in other countries to be credited against obligations to reduce emissions in Norway.
"We're now entering a period of uncertainty about the future rules, which we'd hoped to avoid," says Mr Cappelen, who has been an international observer at climate negotiations since 1996.
The Hauge meeting was the third to be held in the wake of the Kyoto protocol. Further talks are likely to be held at the end of May.