Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Story of Stavanger’s oil kids exposes Treasury’s disastrous stewardship of the North Sea

Story of Stavanger’s oil kids exposes Treasury’s disastrous stewardship of the North Sea

Susan Ormiston is one of the Canadian Broadcasting Corporation’s senior foreign correspondents.

Her career spans more than 25 years reporting from hot spots such as Afghanistan, Egypt, Libya, Haiti, Lebanon and South Africa.

Last week she filed a major report on Norway and oil, contrasting the position of the province of Alberta with that of Norway.

They are both oil producing areas facing up to the oil downturn.

She was full of admiration for our near neighbours across the North Sea and had some tough comments about what their experience should teach Canada.

Susan pointed out that Norway today sits on top of a £600,000 million pension fund established 20 years ago to handle the huge returns from oil and gas.

That capital has been invested in more than 9,000 companies worldwide, including more than 200 in Canada.

It is now the largest sovereign wealth fund in the world.

But Susan’s report was not just about facts and figures. It was about people.

She interviewed ordinary Norwegians to ask what they thought about their country’s approach to oil.

She interviewed some of the so called “oil kids” of Stavanger, the Norwegian Aberdeen, about the lifestyles of these wealthy second generation beneficiaries of Norway’s offshore oil riches.

“If you compare to our parents or grandparents who built this country, I think we’re a little bit spoiled,” admits Bjorn Knudsen, whose father worked for a large North Sea oil company.

“We are extremely lucky,” says Bjorn’s wife, Kristin Alne, a production engineer for Det Norske Olijeselsksap, an offshore oil company.

“There are only five million of us and someone several decades ago was really smart to deal with the income from the oil industry to generate the welfare of this country as a whole.”

Susan’s report was comparing Norway with Alberta.

It is a good job for the London Treasury’s less than dynamic duo of George Osborne and Danny Alexander that she was not comparing Canada with their suicidal stewardship of the North Sea.

In this newspaper last week Osborne demanded plaudits for relieving taxation on the industry.

He omitted to say that he was largely just reversing the swingeing tax increase he imposed in 2011.

The investment allowance was welcome but the exploration incentive for the future is inadequate.

Meanwhile, Alexander wants credit for helping oil workers.

He seems oblivious to the fact that oil workers are being sacked right now because this desperate duo at the Treasury forgot to gain assurances on employment from the oil companies before they agreed the tax concessions.