How Governments Manage Their Offshore Petroleum Resources
Chapter 13: The future of offshore petroleum resource management
This chapter summarises the lessons that can be learned from the experiences of Australia, Norway and the UK and looks to the future of petroleum resource management. Countries which manage their petroleum resources well have clear objectives and measures to deal with the problems created by conferring exclusive rights on licensees. It puts forward five propositions to summarise what makes successful resource management systems, divided between, first, the bargain between licensee and state and, secondly, the governance system. This chapter emphasises the importance of give and take in the bargain between the state and oil companies and sufficiently taking into account the national interest, risk and stewardship. These require both flexibility and demonstrable superior economic performance. Stewardship and dispute resolution mechanisms will therefore increase in importance. The latter are essential to resolve differences between licensees and between licensees and the state but also in finding balance between different interest groups.
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