What Happened To The UK's Oil Wealth? Norway’s Opposite

Adolf Goebbels
Published on Oct 30, 2023
For more than four decades the UK actually produced more oil than Norway. The trouble is that whilst Norway has gone on to establish the world’s largest Sovereign Wealth Fund, at over $1 trillion dollars and owning a staggering 1.5% percent of all shares on the planet. The UK on the other hand... well it has little to show for it. But why?

Why did the two nation’s take such different approaches to their oil wealth?
And why has the Norwegian state earned more than double per barrel of oil equivalent than its UK counterpart?

The oil and natural gas riches of both countries lay literally side by side, beneath the North Sea. An area where offshore exploration and production started in the 60s, but only really took off in the late 70s and early 80s.
During the late 70s, the prospect of large scale North Sea oil wealth came to the attention of UK prime minister James Callaghan.

#UKOil #NorthSeaOil #Norway

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