The Oil Boom in Norway

Norway in the 1960s was still a far cry from the economic powerhouse it is today. This all started to change though in May of 1963 when the Norwegian government asserted sovereign rights over natural resources in this area of the North Sea. Six years later in 1969 a ship called the Ocean Viking struck oil in the North Sea and from that oil production in the region exploded because they found a lot of oil. In the mid 1970s Norway produced more oil per capita than any other country in the world, only beaten out by Kuwait, the United Arab Emirates and Saudi Arabia.