There are a few issues with comparing Alberta to Norway. First one is that Norway is a Nation and is not subject to equalization payments like the province of Alberta. The fact is over $16 billion in equalization were directed to Quebec, Ontario, Manitoba, New Brunswick, Nova Scotia and PEI in the 2013-2014 year. The majority of this money is coming from Alberta.
Another difference is freehold mineral rights. ~20% of the mineral rights in Alberta belong to individuals, companies, reserves or parks. The province does not own these minerals and therefore receives limited revenue from freehold production.
Finally, as is shown in the graph posted by GP_Matt, oil sands is some of the most costly oil in the world to produce. The projects require huge upfront capital commitment years before seeing any return on investment. If Alberta had high royalties and taxes on the early development of these projects, very few of them ever would have gotten off the ground. The statistic that Norway received $46.23/bbl in royalties in 2012 tells me that the economics on their production is not even close to most of what we have in Alberta. There wouldn't be a single viable project in the oil sands if they were paying $46/bbl to the province.
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