In 1972, the Norwegian State Oil Company, Statoil was formed, and two years later the Statfjord field was discovered in the North Sea.

Today, Norway owns 67% of Statoil. As of 2012, the company operates around the globe and has total assets worth over $100bn. It is ranked as the 26th largest company in the world by profit. 

Just before Statoil was formed, Alaska leased all of it's oil wealth out to a bunch of Texan oilmen from Exxon, Arco and Standard. 

Alaska is sitting on a so-called 'permanent fund' valued at ~$50bn that lives and dies by the whims of the stock market. The fabled gas pipeline is the only thing keeping 'the producers' around at this point, which is how they continually brow-beat the state about lowering their tax burden. 

Now here is the kicker. Prudhoe Bay alone, not including Kuparuk and other satellites held more original oil than the 6 largest oilfields every developed in Norway.