I don't know if Norway is the ideal candidate to look to. Norway saves a lot of the oil money, but it taxes people on income and consumption to absurd levels. A $20 000 Volkswagen Golf ends up costing over $50 000 with taxes. What the hell? Where does the money even go?
I much prefer Alberta's system where the industry is entirely private, and for various reasons Alberta is a world leader in the industry especially in the production of extra-heavy crudes. The royalties are relatively low, but income taxes, etc keep the balance right, and the government has a savings fund to keep revenues for the future. That said, in recent years, they haven't been investing very well nor contributing to their savings funds and this is something they should address.
When you look at the ineptitude of PEMEX or PDVSA or basically all of the nationalized oil companies and the wasted oil, the environmental disasters, the bad production techniques, the wasted money, the political influence, the corruption - it is just a terrifically bad way to do things. Petrobras is probably the best of a terrible lot.
So live this day that you can look every damn man straight in the eye and tell him to go to hell.