Norway’s economy is significantly dependent on oil, and starting in 2004, its oil output began to stagnate as the country’s deposits were running dry. However, in 2007, new oil reserves were discovered in the North Sea that could only be fully extracted with an untested, cutting edge technology called Ionic Infusion. The Ionic Infusion method injects saltwater into underwater shale deposits, causing a chemical reaction that activates the oil and makes it extractable. Norwegian oil firms employed this technology to the new deposits in late-2007. Below is Norway’s oil output per capita figures from 2002 to 2018. Norway’s population is assumed to have stayed constant during 2002-2018. Based on this information and the data & chart below, please explain the changes in Norway’s oil sector productivity from 2002-2018, including at least three concepts related to economic and productivity growth over time.

Year Barrels Per Capita (graph of this data is included in the files section as "Oil Production Graph)
2002 146
2003 147
2004 147
2005 147
2006 146
2007 146
2008 140
2009 136
2010 138
2011 146
2012 150
2013 155
2014 163
2015 164
2016 165
2017 166
2018 166

Answer rating: 100% (QA)

The data on Norways oil production per capita from 2002 to 2018 shows some interesting trends and changes in the countrys oil sector productivity Here ... View the full answer