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Petroleum Resource Management

How Governments Manage Their Offshore Petroleum Resources

John A.P. Chandler

This thought-provoking book examines how countries manage their offshore petroleum resources by comparing the different approaches to licensing and regulation taken by Australia, Norway and the UK. It is based on extensive research into their policies and management practices, including interviews with government regulators and companies. These countries all face similar challenges as their offshore petroleum basins mature which means smaller discoveries, marginal production and ageing infrastructure. John Chandler analyses how their petroleum policy, systems of regulation, and regulators developed up to the present, and how they are responding to these challenges, as well as how they deal with exploration, development, infrastructure sharing and production.
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Extended contents

John A.P. Chandler

List of figures
List of tables
Preface and acknowledgements
Glossary of abbreviations and definitions
Table of cases
Table of legislation
1  Introduction
AIMS OF THIS BOOK
LICENCES, PSCs AND THE BARGAIN WITH THE STATE
REGULATION AND THE PURPOSE OF PETROLEUM RESOURCE MANAGEMENT
COUNTRIES STUDIED
THE REGULATORS AND PRINCIPAL LICENSING STATUTES
DIVERGENCE OF OBJECTIVES AND THE PROBLEM OF INTER-DEPENDENCE
CHAPTER OVERVIEW AND GUIDE TO COUNTRIES
MAXIMISING ECONOMIC RECOVERY OF UK PETROLEUM
CONVENTIONAL AND UNCONVENTIONAL PETROLEUM
2  Licences
OUTLINE OF LICENSING IN AUSTRALIA, NORWAY AND THE UK
LICENCES AND ALLOCATION SYSTEMS IN GENERAL
INFLUENCE OF THE CONCESSION MODEL
LICENCES IN AUSTRALIA, NORWAY AND THE UK
Licences in Australia
Petroleum exploration permit
Petroleum retention lease
Petroleum production licence
Financial terms
Licences in Norway
Exploration licence
Production licence
Financial terms
Licences in the UK
Exploration licence
Production licence
Financial terms
Summary of Relative Positions of Australia, Norway and the UK
LICENSING AND PETROLEUM RESOURCE MANAGEMENT
CONCLUSIONS
3  Regulatory structures and regulators
THE REGULATORS AND REGULATION OVERVIEW
THE DEVELOPMENT OF THE CURRENT ARCHITECTURE
Australia
Norway
United Kingdom
REGULATION METHODOLOGY AND PETROLEUM RESOURCE MANAGEMENT
STATE PETROLEUM GOVERNANCE CRITERIA
REGULATORY STYLE
Australia
Norway
United Kingdom
POWERS OF REGULATORS
CONCLUSIONS
4  The companies
NOCs AND IOCs
SUSTAINABILITY AND CLIMATE CHANGE ARE NOT THE ONLY CHALLENGES
SOCIAL LICENCE TO OPERATE
IOCs AND STRATEGY
BP
Chevron
ConocoPhillips
Eni
ExxonMobil
Shell
Statoil
Total
SUSTAINABILITY AND CORPORATE SOCIAL RESPONSIBILITY REPORTING
JOINT VENTURES
CONCLUSIONS
5  Resource rent, value and stewardship
RESOURCE RENT AND FINDING THE BEST ALLOCATION SYSTEM
FISCAL SYSTEMS COMPARED
Australia
Norway
United Kingdom
RECOVERY VERSUS VALUE
STEWARDSHIP
Corporate Behaviour and Stewardship
Stewardship by the State
MERUKS AND STEWARDSHIP
CONCLUSIONS
6  Economic recovery and good oilfield practice
APPROACHES TO RECOVERY IN AUSTRALIA, NORWAY AND UK
Australia
Norway
United Kingdom
EFFICIENT RECOVERY
GOOD OILFIELD PRACTICE
Australia
Norway
United Kingdom
PRUDENT PRODUCTION
CONCLUSIONS
7  Resource management policy
INITIAL POLICY
Australia
Norway
United Kingdom
Comparison of Initial Policies
MODERN POLICY DEVELOPMENT
Australia
Norway
State Control Principle
Society Benefit Principle
Prudent Production Principle
United Kingdom
Comparison of Modern Policies
ENERGY POLICY GENERALLY
Australia
Norway
United Kingdom
STATE PETROLEUM STEWARDSHIP CRITERIA
Australia
Norway
United Kingdom
CONCLUSIONS
8  Production sharing contracts
STRUCTURE OF PSCs AND COMMON AREAS WITH LICENCES
THE EFFECT OF COST AND PROFIT-SHARING FORMULAE
MANAGEMENT AND GOVERNANCE
DEVELOPMENTS
OTHER RESOURCE MANAGEMENT PROVISIONS CONCLUSIONS
9  Exploration
EXPLORATION AND RESOURCE MANAGEMENT STRATEGY
Australia
Norway
United Kingdom
OFFERING OF AREAS AND TERMS
Australia
Norway
United Kingdom
APPLICATION AND ASSESSMENT
Australia
Norway
United Kingdom
INFORMATION
LICENCE DURATION, EXTENSIONS AND WORK PROGRAMMES
Australia
Norway
United Kingdom
CONCLUSIONS
10  Development
SUBMISSION OF FIELD DEVELOPMENT PLANS AND CONSULTATION
Australia
Norway
United Kingdom
ASSESSMENT PROCEDURES
Australia
Norway
United Kingdom
UNITISATION
Australia
Norway
United Kingdom
REVIEWS AND VARIATIONS TO FIELD DEVELOPMENT PLANS
Australia
Norway
United Kingdom
OTHER ACTIONS REQUIRING GOVERNMENT APPROVAL, SUCH AS WELL OPERATIONS
Australia
Norway
United Kingdom
CONCLUSIONS
11  Production
MANAGING PRODUCTION
Australia
Norway
United Kingdom
REVIEWING PERFORMANCE
Australia
Norway
United Kingdom
ENFORCEMENT
Australia
Norway
United Kingdom
STATE PETROLEUM RESOURCING CRITERIA
CONCLUSIONS
12  Infrastructure
ACHIEVING MORE EFFICIENT USE OF INFRASTRUCTURE
UPSTREAM INFRASTRUCTURE OVERSIGHT
Australia
Norway
United Kingdom
ACCESS TO UPSTREAM INFRASTRUCTURE
Australia
Norway
United Kingdom
CONCLUSIONS
13  The future of offshore petroleum resource management
AIMS AND INITIAL SUMMARY OF CONCLUSIONS
NEW APPROACHES: ASSUMPTIONS, CLASSIFICATION AND FUTURE INFLUENCES
Assumptions
Classification
Future Influences
THE BARGAIN BETWEEN LICENSEE AND STATE
THE GOVERNANCE SYSTEM
CONCLUDING REMARKS
Index