The UK resource management model is often cited as a prime example of how to manage hydrocarbon resources. The UK government has allowed for the progressive development of its natural resources; industry knowledge and government policies are considered primary factors in the success of this approach. Since the early days of exploration, the UK has adopted a licensing regime as the basis for resource management. This regime differs from those in other jurisdictions such as Norway, and is tailored to the intricacies of the UK resource base, industry, regulatory framework and environment, and in particular the maturing UK Continental Shelf. The objective of this chapter is to analyse the regulatory model for petroleum resource management, including the evolution of the licence system, and explain the rationale behind the UK approach. The chapter also looks at the historical evolution of the joint operating agreement (JOA), whether the government should have its own model form JOA and other available industry JOAs.