But, look at the numbers in this article. No, before you do that look at these numbers: the population of Norway is 5 million. The population of North Dakota is 700,000.
Every Norwegian is a millionaire.
Now look at the numbers in this story. Reuters is reporting via Rigzone:
Norway cuts its 2014 oil production forecasts on Wednesday, and warned that investment growth will soon stop, but also sharply raised its undiscovered resource estimate on more Arctic riches.
The world's seventh biggest oil exporter and Western Europe's top gas supplier sees oil production at about 1.46 million barrels a day this year.
Even as investment growth slows, Norway increased its total undiscovered resource estimate to 18.5 billion barrels of oil equivalents (boe) from a previous estimate for 16.3 billion boe.Okay, did you see those numbers? Norway is producing about 1.5 million bopd. North Dakota: soon to hit the 1 million bopd milestone and estimates are that North Dakota will produce 2 million bopd (barring any geopolitical disruption). Norway is slowing down production because of increased challenges in deep-sea drilling in the Arctic. Sort of makes the Bakken look like a cakewalk, huh?
So, Norway:
- 1.5 million bopd
- 5 million Norwegians
- every Norwegian is a millionaire
- reserves of 20 billion bbls
- Norway's "Legacy Fund" invested in equities and property around the world
- 1 million bopd
- less than a million North Dakotans
- CLR suggests Bakken reserves are significantly greater than 20 billion bbls
- North Dakota's "Legacy Fund" invested in cash at 0.02%
From Sweden, close enough to Norway:
