Norway–European Union relations - Wikipedia
United Kingdom–European Union relations - Wikipedia
Energy in Norway - Wikipedia
Oil and gas industry in the United Kingdom - Wikipedia
United Kingdom national debt - Wikipedia
https://uk.reuters.com/article/norwa...-idUKO9N26202C
One followed a path outside the EU, the other "invested" close to £1trn to be a member of the EU...
The Kingdom of Norway is not a member state of the European Union (EU).
Relations between the United Kingdom of Great Britain and Northern Ireland and the European Union date back to the foundation of the European Economic Community in 1957.
In May 1963, Norway asserted sovereign rights over natural resources in its sector of the North Sea. Exploration started on July 19, 1966, when Ocean Traveller drilled its first hole. Initial exploration was fruitless, until Ocean Viking found oil on August 21, 1969. By the end of 1969, it was clear that there were large oil and gas reserves in the North Sea. The first oil field was Ekofisk, which produced 427,442 barrels of crude in 1980. Subsequently, large natural gas reserves have also been discovered and it was specifically this huge amount of oil found in the North Sea that made Norway’s separate path outside the EU possible.
In 2008, the UK was the 14th largest oil and gas producer in the world (10th largest gas producer and 19th largest oil producer).[12] In Europe the UK is second only to Norway in oil and gas production.
As of Q1 (the first quarter of) 2018, UK debt amounted to £1.78 trillion, or 86.58% of total GDP, at which time the annual cost of servicing (paying the interest) the public debt amounted to around £48 billion (which is roughly 4% of GDP or 8% of UK government tax income).
Norway’s $1.1 trillion sovereign wealth fund, the world’s largest, made a 1.6% return on investment in the third quarter, earning 236 billion Norwegian crowns ($25.55 billion), it said on Wednesday.
Comment