Alberta and Norway may be two similar-sized oil jurisdictions, but when it comes to their approach to how to run the industry, they couldn't be more different. Case in point: Norway's sovereign wealth fund, which collects money from its offshore oil industry and invests it in stocks and bonds, reached US$1 trillion (C$1.22 trillion) in value on Tuesday.

"I don't think anyone expected the fund to ever reach one trillion dollars when the first transfer of oil revenue was made in May 1996," said Yngve Slyngstad, CEO of Norges Bank Management, which administers the fund. "Reaching one trillion dollars is a milestone, and the growth in the fund's market value has been stunning." That stands in stark contrast to Alberta's oil fund, which is valued at C$17.2 billion, according to a statement released last month. Norway's fund amounts to US$192,000 (C$235,000) for every person in the country. Alberta's fund works out to C$4,150 per person in the province. Though the two jurisdictions share similar-sized populations (5.2 million Norwegians to Alberta's 4.1 million) and similar-sized economies, they have taken radically different approaches to their oil industry.

Nerijus Adomaitis / Reuters A gas processing platform owned by Statoil, near Stavanger, Norway, Feb. 11, 2016. Norway's sovereign wealth fund has reached a valuation of US$1 trillion.