The UK government encouraged companies to drill our side North Sea as quickly as they could with the result that the UK sector is the fastest oil producing region ever brought on stream. It is also now the one declining the fastest.
But for a while it was nice, all that money covered up the collapse of our manufacturing industry and paid for millions to be put on to long term benefits.
The Norwegians sensibly decided to manage their oil production through Statoil with the government pension pot taking the proceeds. The result being that not only does Norway still have lots of oil under the sea, but it is sitting on half a TRILLION dollars of assets that will keep on generating income when the wells run dry.