It turns out you won't have a problem funding your pension system if you literally pump out millions of dollars' worth of oil per person.
Not everyone sits on a bazillion tons of natural gas and oil. Also, there are 5.5 million people in Norway. Though, Denmark is almost the same population, they have no bazillion tons of oil and natural gas. See the problem?
You forgot step -1: Use time machine constructed in step 3.5 to seed nearby oceans with phytoplankton and other organic carbon reservoirs