Competence and competence development are 'buzz words' widely used in organizations in Norway, as well as in other countries. Competence, as the company's most important and valuable resource, is constantly highlighted. But what does this imply for the organization and for the employees? What are comprised in the concept of competence? In this article we present different understandings of competence among employees in a large Norwegian oil company, Statoil, as well as some of the different views on competence found in the literature. Based on semi-structured interviews in two different stages of a process of implementing a netbased learning system, we find that the focus is more on competence as asset than competence as process. This leaves out important dimensions of competence in the complex society of today and as expressed by several of the employees in Statoil.