Norway’s forward thinking policies and sustainable oil extraction methods have helped the country amass an astounding financial reserve, while Alberta finds itself in debt. Perhaps the Albertan and Canadian governments can model the Norwegian success and finally understand effective oil utilization.
Norway produced about 1.48 million barrels of oil a day during 2012 compared to Alberta’s 2.30 million barrels per day. The country has saved nearly 1 Trillion dollars since 1990 which means that every man woman and child in Norway is worth about 177 US thousand dollars.
The Alberta government has for years implemented unsustainable policies and large corporate bodies continue to make poor investment decisions. Now lets examine what Norway is doing to keep them so far ahead.
One of the reasons that Norway continues to extract oil at an incredible rate is because they employ a staggered harvesting approach. This insures that Norway’s oil reserves have been able to replenish themselves naturally before they are exhausted. They did partially by only drilling specific areas at once and by awarding very few drilling licences at one time.
Norwegian experts also predicted correctly that oil prices would increase as the global population grew thus leaving more oil in the ground when prices rise.