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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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Index

John A.P. Chandler

accountability 3.061, 13.002, 13.041, 13.043, 13.053
regulators 3.059, 7.074, 13.002
activism 4.028, 13.018
Algeria 4.006
allocation systems 13.022
concessions 2.01518, 2.023, 2.024, 7.031, 8.020, 13.007, 13.010
influence of model 2.02632
licences see licensing
resource rent and finding best 5.00918, 5.080
service contracts 2.015, 2.018, 2.022, 5.011
production sharing contracts (PSCs) see separate entry
American Petroleum Institute 6.057
Anadarko 4.002
Angolan PSC 1.019, 8.015, 8.017, 8.0245, 8.030, 8.034
Apache 4.002
Asia 4.022
auctions 5.010, 5.011, 5.013
audit 4.075, 8.013, 8.038
tax 8.038
Australia 1.0013, 1.019, 1.020, 1.042, 7.052, 13.006, 13.01011, 13.032, 13.042
accountability 3.061
ACIL Tasman Exploration Review 5.011, 5.01516, 5.018, 9.014
companies: financial performance 5.062
concession model 7.031, 13.010
influence of 2.02632
development see Australia under development
economic production 6.007, 6.053
economic recovery 6.0024, 6.01118, 6.076, 6.078
efficient recovery 6.039
exploration see Australia under exploration
good oilfield practice see Australia under good oilfield practice
infrastructure see Australia under infrastructure
Joint Authority 1.023, 2.033, 2.034, 3.003, 3.008, 3.025, 3.028, 7.012, 9.032, 9.046
commercial viability 6.016
confidentiality 9.030
enforcement 11.41
field development plans 3.070, 6.012, 10.007, 10.011, 10.022, 10.049
NOPTA 3.027, 7.067, 10.007, 10.011
Offshore Constitutional Settlement (1979) 3.019
petroleum exploration permit 2.035, 2.037, 9.045, 9.068
petroleum retention lease 2.041
production 11.005, 11.006, 11.016, 11.018, 11.052
unitisation 10.041
joint ventures
tenants in common 4.080
licensing see Australia under licensing
light touch approach 3.058
liquefied natural gas (LNG) 2.040, 4.028, 4.037, 5.029, 7.008, 7.060
minister/department 1.022, 1.023, 2.010, 3.003, 3.004, 3.019, 3.026, 3.028, 3.089
NOPTA 3.027
staff numbers 3.010
policy 7.0018, 7.078, 7.080
comparisons 7.0279, 7.0558
energy policy generally 7.05960
initial 7.00912
modern policy development 7.0308
production see Australia under production
regulations 1.027, 2.010, 3.021
regulators see Australia under regulators
resourcing criteria 13.045
stewardship criteria 7.065, 7.0669, 13.003, 13.044
taxation see Australia under taxation
time limits 2.034, 2.036, 2.041, 2.044, 9.032, 9.067, 9.068
Azerbaijan 8.017
bank guarantees 9.043
benchmarking 6.055, 13.021, 13.047
United Kingdom 1.044, 3.079, 3.094, 6.026, 9.027, 13.021
BHP Billiton 4.002
biofuels 4.033, 4.050
Bolivia 8.003
BP 4.002, 4.008, 4.026, 4.030, 4.0315, 4.073, 4.077, 4.087, 7.008, 7.022, 7.026, 7.027, 13.007
Brazil 1.019, 8.031, 8.036
British National Oil Corporation 7.026, 7.029, 13.007, 13.008
Canada 1.020, 7.010
Chevron 4.002, 4.008, 4.030, 4.03640, 4.073
China 1.020, 4.004, 4.006, 4.018, 4.022
climate change 1.003, 4.015, 4.016, 4.017, 4.01822, 4.087, 4.090, 13.018
Australia 7.059
BP 4.031, 4.033, 4.035, 4.077, 4.087
Chevron 4.038, 4.039, 4.040
company reporting 4.075, 4.076, 4.077
ConocoPhillips 4.043, 4.044
Eni 4.045, 4.047
ExxonMobil 4.053, 4.055, 4.087
Norway 7.061
Shell 4.061, 4.087
social cost of carbon emissions 6.010
Statoil 4.063, 4.065, 4.087
Total 4.069, 4.087
United Kingdom 7.062, 7.064
colonialism 2.023
common law 2.027, 4.017, 5.058, 5.060, 6.038
companies 4.001, 5.067, 7.080, 13.002, 13.050, 13.051, 13.052, 13.053
budgeting 5.063
corporate governance 5.059, 5.064, 5.065
diversity 9.021, 9.083
duties of directors 4.017, 4.090, 5.055, 5.058, 5.062, 5.064, 5.084, 13.002, 13.005
information and know-how 5.064
loyalty 5.060
safe system of work 5.060
future: bargain between licensee and state 13.012, 13.02240, 13.050
government-sponsored enterprises (GSEs) 4.003, 4.004, 4.007
international oil companies (IOCs) see separate entry
investment approval process 5.063
maximising profits 5.060, 5.062, 5.064, 13.002, 13.020
national oil companies (NOCs) see separate entry
operators and non-operators 4.005
profitable recovery 5.006
recovery versus value 5.04552
remuneration of executives key performance indicators 5.061
risk management 5.064, 5.067
shareholder value 3.056, 4.090, 5.084
maximising 5.060, 13.005
stewardship 5.055, 5.05865
concessions 2.01518, 2.023, 2.024, 7.031, 8.020, 13.007, 13.010
influence of model 2.02632
confidentiality 8.001, 9.030, 9.064, 9.066, 9.067
conflict of interests 13.002, 13.016, 13.01820, 13.040, 13.049, 13.052
governance 13.041, 13.042, 13.043
health and safety 3.090
inter-dependence and 1.02839, 1.045, 3.015
MERUKS 3.015, 7.057
central obligation 1.054
politicians 13.043
regulators 3.012, 3.053
Wood Review 1.047, 3.015
ConocoPhillips 4.002, 4.008, 4.030, 4.0414, 4.073, 4.079, 4.083
consent
licensees 3.080
contract-based systems 1.010, 1.012
production sharing contracts (PSCs) see separate entry
conventional and unconventional petroleum 1.0556
corporate responsibility 4.040, 4.073
corporate social responsibility 4.013, 4.027, 4.090, 13.018
cost-benefit analysis 6.010, 6.013, 6.018
criminal law
Australia 3.081
Norway 3.081
United Kingdom 2.008, 3.041, 3.081
Cullen Report (1990) 3.012, 3.022, 3.045, 3.054
decommissioning 1.056, 13.002, 13.037
Australia 7.038
Norway 2.051 taxation 5.034
United Kingdom 1.023, 5.071, 7.064, 10.033
taxation 2.067, 5.005, 5.040, 7.008
definitions
continental shelf 2.001
corporate governance 5.059
good oilfield practice 6.011, 6.054, 6.055, 6.056, 10.023
infrastructure 12.001
petroleum 1.055
regulator 1.021, 3.001
reservoir 1.029
resource rent 5.009
risk 1.015
satisfactory expected commercial return 6.028, 6.030
state petroleum governance 3.063, 5.068, 13.041
sustainable development 4.012
development 5.007, 10.0014, 10.0604, 13.005
cost-benefit analysis 6.010
field development plan see separate entry
unitisation see separate entry
well operations 10.054
Australia 10.0556
Norway 10.057
United Kingdom 10.0589
disasters 3.011, 3.012, 13.040
corporate governance 5.065
Montara blow-out 3.024, 5.065, 13.010
Piper Alpha 3.045, 3.054, 5.065
Sea Gem 3.043
divergences see conflict of interests
economic recovery 1.016, 1.017, 1.037, 5.0068, 6.00110, 13.051
Australia 6.0024, 6.01118, 6.076, 6.078
commercial viability 6.016
optimum long-term recovery 6.012, 6.013, 6.015, 6.078, 7.035, 7.066, 10.023, 10.024
Norway 6.0024, 6.01922, 6.076, 6.07980, 6.083
United Kingdom 1.044, 6.0034, 6.02336, 6.076, 9.024
maximising 1.04551, 5.042, 5.081, 6.035, 7.064, 9.060
MERUKS see separate entry
economic rent see resource rent
economic waste 6.038, 6.040, 6.050
efficient recovery 1.016, 5.006, 6.003, 6.053
reservoir energy 1.034, 6.038, 6.046, 6.049, 6.053
United States 6.03752
unitisation 1.035, 3.057
Australia 6.053
Norway 3.075, 6.053
United Kingdom 6.053
Egypt 8.003
electricity 7.064, 12.006
demand 4.021, 4.022
supply 7.059
energy demand 4.021, 4.031
Energy Institute 6.057
Energy Trilemma 4.023
enforcement
Australia 3.081, 11.0402
Norway 3.081, 11.0434
United Kingdom 3.081, 3.084, 3.085, 11.0457
Eni 4.003, 4.004, 4.030, 4.0459, 4.073, 4.084
environmental impact assessment 10.021, 10.033, 13.049
environmental protection 2.032, 3.002, 3.006, 3.011, 4.075, 5.056, 6.010, 6.039, 13.018, 13.037
activism 4.028
Australia 2.037, 3.007, 3.024
Norway 3.007, 3.029, 3.038, 13.031, 13.049
Norwegian Environment Agency 3.039
PSCs 8.033, 8.036
United Kingdom 2.061, 3.007, 3.041, 3.0468
risk-based approach 3.054
see also climate change; sustainability
European Union 12.0067, 12.014
competitive allocation 9.01516, 9.049, 9.057
Habitats Directive 9.039
major accidents and hazards 3.0478
exploration 9.07583, 13.033
Australia 9.001, 9.004, 9.005, 9.008, 9.010, 9.013, 9.014, 9.01719, 9.0757, 9.083
application and assessment 9.0428
discretion 9.01416
information 9.029, 9.0647
licence duration 9.068
offering of areas and terms 9.02833
typical timeline 9.033
work programme 9.001, 9.002, 9.004, 9.012, 9.013, 9.016, 9.043, 9.046, 9.069, 9.077
Norway 9.001, 9.004, 9.006, 9.008, 9.009, 9.013, 9.014, 9.0203, 9.0757, 9.078, 9.0802, 9.083
application and assessment 9.04956
block size 9.037
discretion 9.01416
information 9.0647
licence duration 9.070
offering of areas and terms 9.0348
pre-qualification system 9.052
work programme 9.001, 9.002, 9.004, 9.013, 9.019, 9.055, 9.071, 9.077, 9.078, 9.080
and resource management strategy 9.00116
Australia 9.01719
Norway 9.0203
United Kingdom 9.0247
United Kingdom 9.001, 9.004, 9.007, 9.008, 9.009, 9.013, 9.014, 9.0247, 9.0757, 9.083
application and assessment 9.05763
block size 9.039
discretion 9.01416
information 9.026, 9.0647
licence duration 9.0723
offering of areas and terms 9.03941
technical reviews 9.019, 9.027
work programme 9.001, 9.002, 9.004, 9.013, 9.026, 9.041, 9.053, 9.059, 9.062, 9.073, 9.074, 9.077, 13.007
ExxonMobil 4.002, 4.008, 4.030, 4.0505, 4.073, 4.087, 4.088
fiduciaries 5.058
field development plan 6.008, 10.001, 10.004, 13.002, 13.017
Australia 3.028, 3.070, 6.007, 6.012, 6.018, 7.038, 10.004, 10.0604, 13.004
assessment procedures 10.0226
reviews and variations 10.04850
submission and consultation 10.00511
consent 3.080
economics 6.007, 6.008
Norway: PDO 3.072, 6.007, 6.020, 6.022, 7.071, 10.002, 10.004, 10.0604
assessment procedures 10.02732
reviews and variations 10.051
submission and consultation 10.0056, 10.01216
PSCs 8.004
submission and consultation 10.00521
United Kingdom 5.074, 6.007, 6.024, 6.034, 6.035, 7.025, 7.026, 10.004, 10.0604, 13.009
assessment procedures 10.0337
reviews and variations 10.0523
submission and consultation 10.0056, 10.01721
financial penalties of fines 3.081, 3.084
free-riding 13.033
fund managers 5.060
future
bargain between licensee and state 13.012, 13.02240, 13.050
governance system 13.021, 13.0419
new approaches
assumptions 13.01314, 13.02630
classification 13.01517
future influences 13.01821
Gassco 10.014, 10.029, 10.0301, 12.023, 12.025, 12.026
Gassled 7.056
Gazprom 4.003, 4.004, 4.006
Ghana 8.020, 8.0278
Global Reporting Initiative (GRI) 4.074
good oilfield practice 1.016, 2.013, 2.073, 6.040, 6.05465
Australia 1.042, 2.046, 3.080, 6.011, 6.054, 6.078, 7.035, 7.066, 10.023
definition 6.011, 6.054, 6.056, 6.067, 10.023, 10.024
field development plan 6.012, 10.026
Montara Inquiry Report 6.0668
definitions 6.011, 6.054, 6.055, 6.056, 10.023, 10.024
amendment 6.064, 6.067, 6.068
Norway: does not feature 6.069
United Kingdom 2.064, 3.080, 6.054, 6.070, 7.025
US: reasonably prudent operator 6.0603
governance, corporate 5.059, 5.064, 5.065
governance criteria, state petroleum 3.05965, 13.002, 13.006, 13.044
resourcing criteria 3.064, 11.04851, 13.045
stewardship criteria 3.063, 7.06575, 13.044
governance system, future 13.021, 13.0419
government-sponsored enterprises
(GSEs) 4.003, 4.004, 4.007
Grand Transition 4.022
green energy 13.027, 13.028 see also renewable energy
Habitats Directive 9.039
health and safety 2.032, 3.002, 3.006, 3.011, 3.089, 6.039, 6.059, 13.037
Australia 2.037, 3.007, 3.022, 3.023, 7.035, 13.010
NOPSEMA 3.026
radiation safety 3.021
independent regulator 3.012
Norway 3.007, 3.029, 3.038, 3.039
United Kingdom 3.007, 3.040, 3.0435, 9.061
EU Directive 3.0478
risk-based regulation 3.054
heavy touch regulation 3.057, 3.066
hybrid arrangements 1.011
independence
regulators 3.012, 3.053, 13.043
India 4.022
Indonesia 1.019, 2.023
PSC 8.003, 8.007, 8.009, 8.018, 8.019, 8.022, 8.029, 8.033
information 2.013, 2.071
asymmetry 7.054
companies: commercially valuable 5.064
disclosure and IOCs 4.010
exploration 9.010, 9.011, 9.019, 9.052, 9.064, 9.0647, 13.033
geological 2.005, 2.071, 3.064, 3.073, 3.080, 9.011, 9.018, 9.019, 9.064, 9.075, 13.033
infrastructure 12.056
Norway 3.035, 3.036, 3.037, 3.073, 9.0647
regulators 9.065, 10.003, 10.026, 13.047
economic test 6.014
powers 3.080, 3.081, 3.088
resourcing criteria 3.064
infrastructure 3.087, 5.007, 5.008, 7.076, 12.0559
Australia 7.038
access to upstream 12.0335, 12.058
pipeline: licences 3.020
sharing 6.017, 10.003, 10.009, 10.026
tax deduction 5.028
upstream oversight 12.017, 12.01821
efficient use of 12.00116
inter-dependence 1.036, 1.039, 13.002
meaning 1.036
Norway 2.041, 6.073, 6.074, 7.006, 9.038, 12.055, 12.059, 13.040
access to upstream 12.03642, 12.058
PIOs 10.013, 12.024, 12.025, 12.026, 12.031
sharing 6.083, 7.008, 7.056
upstream oversight 12.017, 12.0227
sharing 6.017, 6.055, 6.070, 6.083, 7.008, 7.056, 10.009, 10.026
PSCs 8.040
United Kingdom 2.041, 7.050, 9.025, 12.059
access to upstream 12.04354, 12.055, 12.058
disputes regarding access 3.087
MERUKS 1.053, 3.085, 5.0778, 5.079, 5.088, 6.007, 10.017, 10.037, 12.012, 12.013, 12.02930, 12.044, 12.053
sharing 7.008
upstream oversight 12.017, 12.02832
Wood Review 1.047
natural monopoly 7.054
insurance 10.054
United Kingdom 3.046
inter-dependence 1.016, 1.02839, 1.045, 3.014, 3.015, 3.086, 5.067, 7.057, 13.002, 13.040, 13.041, 13.052
efficient recovery 6.003
intergenerational equity 1.018, 5.015, 5.056, 7.034
internal rate of return (IRR) 6.016, 6.020
International Monetary Fund (IMF) 5.020, 5.023, 5.025
international oil companies (IOCs) 1.025, 4.001, 4.002, 4.08591, 13.006
challenges 4.01226
future, bargain between licensee and state 13.012, 13.02240, 13.050
joint ventures see separate entry
listed 5.060, 13.038
scenario planning 13.028
Seven Sisters 4.008
strategy 4.03072
international petroleum industry practices 6.065
best 8.032, 8.035
internet 4.028
interventionist approach 3.058, 3.092, 5.079, 13.007
intragenerational equity 5.015
IPIECA/API/IOGP 4.040, 4.074, 4.076
Iran 1.020, 4.006
Iraq 1.020, 4.006
joint and several liability 4.081
joint ventures 4.005, 4.07983
confidentiality periods for seismic information 9.067
joint operating agreement (JOA) 4.081
Norway 2.052, 3.082, 3.093, 4.083, 8.041, 9.050, 9.054, 9.067, 9.080, 13.045
operating committee 4.082
production sharing contracts (PSCs) 8.010, 8.026, 8.041
United Kingdom 3.082, 3.093, 8.041, 9.067, 13.045
State stewardship 5.072, 5.074
tenants in common 4.080
know-how 5.064
Kuwait 4.006
laissez faire approach 3.058, 7.006, 12.005
land banking 7.054
legal professional privilege 3.082
Libya 4.006, 8.003
licensing 1.0057, 1.010, 2.0012, 2.0705, 5.002, 7.007
assumptions 13.01314
Australia 1.005, 1.041, 2.028, 2.0334, 2.0745, 3.008, 6.039, 7.035, 13.002
acreage release 2.007, 2.075, 5.015, 9.001, 9.005, 9.017, 9.019, 9.0280230
cash bid 2.007, 2.035, 2.036, 2.042, 5.015, 5.01617, 5.080, 9.016
duration of licence 2.036, 9.068
financial return 1.007
financial terms 2.047
legal nature of licences 2.021
licence areas 1.029
minister 1.023, 2.010, 3.019
outline 2.00110, 2.01214, 5.013
petroleum exploration permit 2.020, 2.033, 2.034, 2.0358, 2.043, 2.047, 9.044, 9.068
petroleum production licence 2.020, 2.033, 2.040, 2.0426, 2.047, 6.007, 6.017
petroleum retention lease 2.033, 2.03941, 2.043, 6.007, 10.009, 13.017
statute 1.026, 2.0089, 3.021, 7.042
summary 2.0689
bargain between licensee and state 13.012
cash bid 2.007, 2.035, 2.036, 2.042, 2.057, 5.015, 5.01617, 5.018, 5.080, 9.001, 9.013, 9.016
concession model, influence of 2.02632
financial return 1.007
generally: licences and allocation systems 2.01525
legal nature of licences 2.021
Norway 1.005, 1.041, 1.043, 2.018, 2.041, 2.0489, 2.0745, 6.039, 7.013, 13.002
awards in predefined areas (APAs) 2.048, 2.049, 9.006, 9.021, 9.023, 9.036, 9.037, 9.038, 9.055, 9.081
duration of licence 2.053, 9.070
exploration licence 2.050
financial terms 2.056, 7.019
initial period 3.030
joint ventures 4.083
licence areas 1.029
licensing rounds 9.001, 9.003, 9.036, 9.037, 9.055, 13.036
NMPE 1.023, 2.010, 2.012, 2.048, 2.053, 3.035
outline 2.00110, 2.01214, 5.013
production licence 2.020, 2.048, 2.050, 2.0515, 9.021, 9.036
statute 1.026, 2.0089
summary 2.0689
objectives 5.002
political sensitivity 3.013
public asset 5.003
rule of capture 1.0334, 2.005
United Kingdom 1.005, 1.041, 1.044, 2.034, 2.041, 2.0578, 2.0745, 7.0205, 13.002, 13.007
duration of licence 2.062, 9.0723
exploration licence 2.057, 2.05960
financial terms 2.0667
initial period 3.0402
innovate licence 2.065, 9.041, 9.061, 9.062, 9.073, 9.083
legal nature of licences 2.021
licence areas 1.029
licensing rounds 9.001, 9.003, 9.026, 9.039, 9.041, 9.057, 9.059, 13.036
marking scheme 9.059, 9.060
Model Clauses (MCs) 2.011, 2.060, 2.0635, 3.040, 6.023, 6.039, 7.053, 9.074, 10.018, 10.058
OGA see licences under OGA (Oil and Gas Authority)
outline 2.00111, 2.01314, 5.013
production licence 2.020, 2.057, 2.0615, 3.046, 9.039
statute 1.026, 2.0089, 7.042
summary 2.0689
Wood Review 1.004, 3.015, 7.049
United States financial return 1.007
see also exploration
light touch regulation 3.057, 3.058, 3.066, 3.077, 7.058, 7.080
L’Institut des Petroles de France 6.057
litigation 4.020, 7.010
Malaysia 8.002, 8.003
management-based regulation 3.054
market failures 6.018, 7.054
mediation
OGA 3.088, 13.047
MERUKS 1.0524, 2.064, 3.003, 3.049, 4.090, 6.064, 7.006, 7.049, 7.057, 13.008, 13.009, 13.01617, 13.041
development 10.003
divestment at fair market value 6.029
economically recoverable 6.006, 6.0247, 6.081
exploration 9.073
field development plan 10.017, 10.035, 10.037
economics 6.007
maximising economic recovery 1.0524, 3.085, 5.076, 6.002, 6.006, 6.007, 6.008, 6.023, 6.026, 6.036, 6.077, 7.073, 7.079, 10.003, 13.020
powers of OGA 3.0845, 3.094
production 11.015, 11.022
quasi-public good 13.033
risk 13.038
satisfactory expected commercial return (SECR) 3.085, 5.052, 6.006, 6.023, 6.025, 6.02836, 6.077, 6.082, 10.037, 13.005, 13.048
separate obligation under UKPA 7.051
stewardship 5.06979, 5.0878, 6.081, 7.057, 7.073, 7.074, 7.075
asset 5.0778, 5.079, 5.088, 6.007, 12.030
Brownfields MER Report 5.071, 5.072, 5.074, 5.078
use it or lose it 1.053, 2.041, 6.008, 6.030, 6.083, 13.017
Wood Review 3.015, 5.074, 7.049, 7.050, 7.053
Mexico 4.019
national oil companies (NOCs) 1.025, 2.002, 3.014, 4.003, 4.0068, 4.010, 4.084, 7.026
dual role 4.007
peak demand for oil 4.025
PSCs 4.007, 8.002, 8.008, 8.009, 8.010, 8.013, 8.022, 8.024, 8.026, 8.028, 8.030, 8.038, 8.042
national prosperity 1.042, 7.031, 7.033, 7.045, 13.004
net cash flow 8.016
net present value (NPV) 5.047, 5.052, 6.009, 6.016, 6.0313, 6.0356, 6.052, 6.053, 6.077, 10.037
Nigeria 4.006
NMPE (Norwegian Ministry of Petroleum and Energy) 1.022, 3.003, 3.004, 4.009, 7.006, 7.039, 7.042, 7.072
economic recovery 6.022
PDOs 6.020, 6.022
economists 5.002
enforcement 11.043
exploration 9.020, 9.021, 9.023, 9.036, 9.051, 9.053, 9.054, 9.055, 9.071
functions 3.0345, 3.036
infrastructure 12.058
licensing 1.023, 2.010, 2.012, 2.048, 2.053, 3.035
PDOs 3.072, 7.071, 10.002, 10.013, 10.014, 10.016, 10.027, 10.030, 10.031, 10.051, 10.062
powers 3.082
pragmatism 3.074
production 11.009, 11.011, 11.021, 11.022, 11.023, 11.024, 11.053
profit 13.005
Prudent Production Principle 6.073, 13.048
risk 13.038
staff numbers 3.010
State control Principle 7.071
Storting 3.033
unitisation 10.043, 10.044
NOPSEMA (National Offshore Petroleum Safety and Environmental Management Authority) 3.009, 3.024, 3.026, 3.028, 10.0556
NOPTA (National Offshore Petroleum Titles Administrator) 1.014, 1.024, 3.003, 3.005, 3.026, 3.091, 7.038, 11.051
branch of ACDOI 3.027
cash bids 5.017
development 10.003
enforcement 11.040, 11.041
field development plan 10.007, 10.010, 10.011, 10.049, 10.056
functions 3.0278, 3.092
information 10.003, 10.026
licences 2.033, 9.042, 9.045
optimum long-term recovery 6.015
powers 3.0801, 3.092, 3.093
production 11.0067, 11.016, 11.018, 11.019, 11.020, 11.52
regulatory style 3.06770, 3.092
State control Principle 7.071
stewardship criteria 7.067
well operations 10.056
Norsk Hydro 9.021
Norway 1.0012, 1.019, 1.020, 1.043, 13.006, 13.010, 13.018, 13.021, 13.031, 13.049
concessions 2.018
influence of model 2.02632
development see Norway under development
economic recovery 6.0024, 6.01922, 6.076, 6.07980, 6.083
efficient recovery 6.039, 6.053
exploration see Norway under exploration
infrastructure see Norway under infrastructure
legal system 3.071
licensing see Norway under licensing
minister/ministry 3.007, 3.029, 3.030, 3.032, 3.089
NMPE see separate entry
PDOs 10.014
NPD see NPD (Norwegian Petroleum Directorate)
policy 7.0018, 7.077, 7.080
comparisons 7.0279, 7.0558
energy policy generally 7.061
initial 7.01319
modern policy development 7.03946
production see Norway under production
Prudent Production Principle 1.043, 3.093, 4.017, 6.006, 6.019, 6.021, 6.040, 6.069, 6.0715, 6.079, 7.046, 7.070, 7.072, 10.002, 10.027, 10.062, 11.044, 13.002, 13.016, 13.039, 13.048
public asset 5.003, 13.006
regulations 1.027, 2.010
regulators see Norway under regulators
resourcing criteria 11.0489, 11.051, 13.045
risk management 13.040
Society Benefit Principle 1.043, 3.056, 6.006, 6.019, 6.079, 7.018, 7.0445, 7.0701, 7.072, 10.002, 10.027, 13.016
State Control Principle 1.043, 6.019, 7.006, 7.017, 7.0423, 7.056, 7.0701, 7.072, 13.016
stewardship 13.003, 13.050
criteria 7.065, 7.0702, 13.044
Storting 3.033, 3.034, 5.032, 7.015, 7.028, 9.034, 10.014, 10.027
sustainability 5.057
taxation see Norway under taxation
time limits 2.053, 3.030, 3.072, 9.049, 9.056, 9.067, 9.070
NPD (Norwegian Petroleum Directorate) 1.014, 1.024, 3.003, 3.005, 7.006
balance of economic interest 5.052
enforcement 11.044
established 3.032, 7.018
exploration 9.020, 9.023, 9.036, 9.051, 9.052, 9.055, 9.071
functions 3.037, 3.036, 3.038, 3.093
licences 2.048
PDOs 6.020, 10.014
powers 3.0802, 3.093, 8.041
production 11.010, 11.022, 11.023, 11.024, 11.053
Prudent Production Principle 3.093, 6.072, 6.073, 13.048
regulatory style 3.0734
reports to NMPE 3.034
well operations 10.057
objective-based regulation 3.054
OECD (Organisation for Economic Co-operation and Development) 1.014, 1.021, 3.051, 3.053
Risk Governance 1.015, 3.054, 3.055, 3.059, 3.060, 3.062, 3.063
OGA (Oil and Gas Authority) 1.014, 1.023, 1.024, 1.051, 1.052, 2.057, 3.003, 3.005, 7.006, 13.008
communication 13.047
exploration 9.013, 9.0245, 9.040, 9.060, 9.079
field development plan 6.034, 10.017, 10.019, 10.021, 10.033, 10.034, 10.035, 10.053, 10.060, 10.062
functions 3.049, 3.078, 3.094, 5.075
independent of political control 3.091
infrastructure 12.058
joint ventures 3.082, 8.041
key performance indicators 7.073, 7.074, 7.079
licences 1.023, 2.010, 2.057, 2.063, 2.064, 3.005, 3.049, 3.089, 9.040
general guidance 9.060
low-risk, low-reward period 3.014
unifying force 3.014
MERUKS see separate entry
minister, powers of 3.050
powers of 3.0808, 3.093, 3.094
dispute resolution 3.0878, 3.094
production 11.015
prudence 6.075
recovery factor benchmarking report (2017) 6.026
regulatory style 3.0789
resourcing criteria 13.045
stewardship 5.073, 5.087, 5.088, 13.016
criteria 7.0734
well operations 10.059
Wood Review 3.049, 3.078, 3.086, 7.079
ONGC 4.003
OPEC (Organization of Petroleum Exporting Countries) 1.019, 7.018, 7.029
optimum long-term recovery
Australia 1.042
outcome-based regulation 3.054
partnerships 4.081
peak demand for oil 4.024, 4.025
Petoro 7.006, 7.056, 7.077
Petrobras 4.003
PetroChina 4.003
Petronas 8.002
Philippines 8.003
plate tectonics 1.030
policy 7.0018, 7.07680
administration separated from making of 3.012
energy policy generally
Australia 7.05960
Norway 7.061
United Kingdom 7.0624
initial
Australia 7.00912
comparison 7.0279
Norway 7.01319
United Kingdom 7.0206
modern policy development
Australia 7.0308
comparison 7.0558
Norway 7.03946
United Kingdom 7.04754
regulation separated from making of 3.052, 3.053
prescriptive regulation 3.054
prices 4.020, 4.026, 4.030, 4.086, 4.089, 5.020, 9.017, 9.023
1973–74: increase in 7.018, 7.019, 7.024, 7.029
Australia: gas 7.059
carbon 4.033
future 13.029
green energy 4.019, 4.020
PSCs 8.019
UK: tax and 5.025, 5.039
US 6.048, 6.051
privatisation 3.052, 7.026, 13.008
partial 7.006
production 11.0014, 13.005
Australia
managing 11.0058
reviewing performance 11.01620
Norway
managing 11.00911
reviewing performance 11.0214
reservoir pressure 1.029, 1.034, 1.035, 7.076, 11.0023, 11.008
United Kingdom
managing 11.01215
reviewing performance 11.02539
production sharing contracts (PSCs) 1.010, 1.011, 2.015, 2.018, 2.022, 2.023, 5.011, 8.03842, 13.002, 13.022
affiliates 8.012
cost oil 8.014, 8.038, 8.039
cost and profit-sharing formulae 8.01121
developments 8.02932
management and governance 8.0228
national oil companies 4.007, 8.002, 8.008, 8.009, 8.010, 8.013, 8.022, 8.024, 8.026, 8.028, 8.030, 8.038, 8.042
operator conduct 6.065
overhead or administration costs 8.012
profit oil 8.015, 8.016, 8.017, 8.039
rate of return or R-factor 8.014, 8.015, 8.016, 8.017, 8.019, 8.021, 8.039
standard of performance 8.0336, 8.041
third-party access 8.037
profitability 1.009, 1.018
economic recovery 1.037
public asset 5.001, 5.003, 5.018, 5.054, 5.085, 12.013, 13.005, 13.006, 13.050
Qatar 4.006
rate of return or R-factor (PSCs) 8.014, 8.015, 8.016, 8.017, 8.019, 8.021, 8.039
recovery 5.006, 6.005
economic see separate entry
efficient see separate entry
state’s approach to 5.007
value versus 5.04552
regional development 6.081, 7.050
regulators 1.014, 1.015, 2.030, 3.00110, 3.08994, 5.052
Australia 3.003, 3.004, 3.00610, 3.08990, 7.042, 13.045
criticism 3.016
development of current structure 3.01113, 3.01628
economic recovery 6.012, 6.014, 6.017, 6.018
Joint Authority see under Australia
light touch approach 3.058, 7.058, 7.080
NOPTA see NOPTA (National Offshore Petroleum Titles Administrator)
regulatory style 3.06770, 3.092
award of licences 2.018
clarity of roles and objectives 1.015, 3.053, 3.059, 3.062, 13.002, 13.006
competition 12.011, 12.059
definition 1.021, 3.001
development of current structure 3.01150
independent 3.012, 3.053, 13.043
light and heavy touch regulation 3.057, 3.058, 3.066, 3.077, 7.058, 7.080
Norway 3.003, 3.004, 3.0067, 3.00910, 3.08991, 6.076, 6.079, 7.055, 7.080, 9.055, 9.078, 13.006
development of current structure 3.01113, 3.02939
Norwegian Environment Agency 3.039
NPD see NPD (Norwegian Petroleum Directorate)
Petroleum Safety Authority 3.038, 3.039
regulatory style 3.0715, 6.074
ten commandments 3.032, 7.015, 7.017, 7.041
obligations of 5.054
powers of 3.0808, 13.052
regulation methodology 3.0518
regulatory style 3.06679, 3.092, 3.094, 6.074
state petroleum governance criteria 3.05965, 13.002, 13.006, 13.044
resourcing criteria 3.064, 11.04851, 13.045
stewardship criteria 3.063, 7.06575, 13.044
United Kingdom 3.003, 3.004, 3.0067, 3.00910, 3.08991, 7.042, 13.007
development of current structure 3.01115, 3.04050, 5.071
EU Directive 3.0478
Health and Safety Commission 3.044
Health and Safety Executive 3.044, 3.045, 3.048
light touch approach 3.058, 7.080
major hazards report 3.047
Offshore Safety Directive Regulator 3.048
OGA see OGA (Oil and Gas Authority)
regulatory style 3.0769
regulatory impact assessments 7.0524, 7.073, 9.034, 9.035, 13.038, 13.047
renewable energy 7.062, 7.064
BP 4.032, 4.033
Chevron 4.039
Eni 4.047, 4.048
ExxonMobil 4.050
Total 4.069
see also green energy
reserves
Petroleum Resources Management System 6.004
reservoirs 1.02935, 1.039, 2.005, 13.002
drive mechanisms 6.044
rule of capture 1.0334, 2.005, 6.045, 6.046, 13.002
use of reservoir energy 1.034, 6.003, 6.021, 6.038, 6.046, 6.049, 6.053, 7.046, 7.072
resource rent 5.004, 5.022, 7.023, 7.028
and finding best allocation system 5.00918, 5.080
tax 5.0224, 5.030, 5.039, 5.040, 5.083
resourcing criteria, state petroleum 3.064, 11.04851, 13.045
risk-based regulation 3.054, 3.055
risk-reward principle 2.004
risk(s) 5.045, 13.002, 13.012, 13.024, 13.0357
appetite 9.017
assessment 1.015, 3.055, 3.056, 9.008, 13.038, 13.039
geoscience information 9.019
governance 13.041, 13.042
IOCs and 4.089
joint ventures 4.081
management 1.015, 13.053
companies 5.064, 5.067
national value 3.056
public sector 3.056, 5.067, 9.013, 13.038, 13.040
profiles 13.030
PSCs 8.004, 8.008, 8.013
reduction of commercial 0.018
share: investors and state 5.014
Rosneft 4.003, 4.004, 4.006
royalties 1.011, 5.020, 5.025
Australia 5.026
Henry Tax Review 5.021
concessions 2.017
Norway 3.030
United Kingdom 2.066, 5.039
United States 6.037, 6.060, 6.063
rule of capture 1.0334, 2.005, 6.045, 6.046, 10.039, 13.002
Russia 1.020, 4.004, 9.035
Saudi Arabia 1.020, 4.006
self-regulation 3.044, 6.055, 6.058
service contracts 2.015, 2.018, 2.022
production sharing contracts (PSCs) see separate entry
Shell 4.002, 4.008, 4.016, 4.030, 4.05661, 4.073, 4.074, 4.078, 4.086, 4.087, 4.088, 7.008, 7.022, 7.027, 13.007
Sinopec 4.003
social justice 4.075
social licence to operate 4.013, 4.0279, 4.090, 13.053
social media 4.028
socio-economic factors 1.018, 2.032
Norway 7.017, 10.002, 10.014, 10.016, 10.027, 10.044
solar energy 4.021, 4.024, 4.048, 4.050, 4.069
South Korea 4.018
sovereignty 1.009
natural resources 2.023, 2.024, 9.064
stakeholders 13.046
state petroleum governance criteria 3.05965, 13.002, 13.006, 13.044
resourcing criteria 3.064, 11.04851, 13.045
stewardship criteria 3.063, 7.06575, 13.044
Statoil (now called Equinor) 2.029, 3.032, 4.003, 4.004, 4.030, 4.0626, 4.073, 4.084, 4.086, 4.087, 6.083, 7.006, 7.016, 7.056, 7.077, 9.021, 13.040
stewardship 1.016, 4.017, 5.001, 5.0537, 5.084, 13.002, 13.003
companies 5.055, 5.05865, 5.084
criteria 3.063, 7.065, 13.044
Australia 7.0669, 13.044
Norway 7.0702, 13.044
United Kingdom 7.0735, 13.044
State 5.054, 5.0668, 5.0857, 13.002, 13.030, 13.0501
United Kingdom 1.044, 3.079, 7.049, 7.054, 13.003, 13.009, 13.016, 13.050
criteria 7.065, 7.0735, 13.044
MERUKS 5.06979, 5.0878, 6.007, 6.081, 13.003
strategy and international oil companies (IOCs) 4.03072
summary of conclusions 13.002
sustainability 4.01215, 4.016, 4.017, 4.023, 4.090, 7.048
BP 4.034, 4.035, 4.073, 4.077
ConocoPhillips 4.043, 4.044, 4.073
Eni 4.046, 4.049, 4.073
ExxonMobil 4.055, 4.088
reporting 4.0738, 4.088
SDGs 4.014, 4.043, 4.088
Shell 4.061, 4.073, 4.074, 4.078, 4.088
Statoil 4.066, 4.073
stewardship and 5.057
Total 4.068, 4.073
Tanzanian PSC 8.026, 8.032, 8.035, 8.037
taxation 1.007, 1.011, 1.016, 1.037, 5.001, 5.003, 5.014, 5.01944, 5.066, 13.002, 13.004
Australia 1.007, 2.047, 3.017, 5.004, 5.011, 5.019, 5.02631, 5.082
ACIL Tasman Exploration Review 5.016
deductions 5.028
Henry Tax Review 5.010, 5.013, 5.017, 5.021, 5.022, 5.030
percentage of tax revenue 7.008
Petroleum Resource Rent Tax (APRRT) 2.047, 5.004, 5.026, 5.02931
rates 2.047, 5.025, 5.027, 5.082
carbon 4.020
concessions 2.017
debt finance 5.023
indirect 5.019
neutrality 5.030, 5.033, 5.038, 5.083
Norway 1.007, 2.003, 2.056, 5.004, 5.005, 5.011, 5.019, 5.0328, 5.082, 5.083
deductions 5.034
exploration costs not offset against income 9.053
exploration tax credit 5.038, 9.023
rates 2.056, 5.025, 5.032, 5.082, 13.034
sales to affiliates 5.037
special tax 2.056, 5.004, 5.032, 5.036
PSCs 8.005, 8.038
risk 13.038
stewardship 5.087, 13.051
United Kingdom 1.007, 2.067, 5.004, 5.011, 5.019, 5.03944, 5.082, 7.008
decline in receipts 3.015, 13.009
deductions 5.041, 5.043
Petroleum Revenue Tax (UKPRT) 2.067, 5.005, 5.025, 5.039, 5.040
rates 2.067, 5.025, 5.039, 5.040, 5.081, 5.082, 13.034
ring-fencing 5.039, 5.043, 5.044
supplementary charge 2.067, 5.004
Thatcher, Margaret 13.008
Total 4.002, 4.008, 4.030, 4.06772, 4.073, 4.084, 4.087
transparency 4.010, 13.053
uncertainty 5.050, 6.020, 10.028, 13.026
unconventional and conventional petroleum 1.0556
United Arab Emirates 4.006
United Kingdom 1.0014, 1.019, 1.020, 1.044, 13.006, 13.00710
concession model 13.007
influence of 2.02632
corporate governance 5.059
Cullen Report (1990) 3.012, 3.022, 3.045, 3.054
development see United Kingdom under development
efficient recovery 6.039, 6.053
exploration see United Kingdom under exploration
good oilfield practice 2.064, 3.080, 6.054, 6.070, 7.025
infrastructure see Norway under infrastructure
joint ventures 3.082, 3.093, 5.072, 5.074, 8.041
tenants in common 4.080
licensing see United Kingdom under licensing
light touch approach 3.058
MERUKS see separate entry
minister/ministry 1.022, 1.023, 3.003, 3.004, 3.007, 3.040, 3.042, 7.021, 7.050
DECC: economic recovery 6.023, 6.035, 6.077
DECC: good stewardship 5.074
environmental matters 3.046, 3.048
Oil and Gas Directorate of DTI: responsibility 5.070
powers in respect of OGA 3.050
regulatory style 3.0767
staff numbers 3.010
stewardship 5.070, 5.074, 5.075
unitisation 10.045, 10.0457
national interest 1.047, 1.054
policy 7.0018, 7.079, 7.080
comparisons 7.0279, 7.0558
energy policy generally 7.0624
initial 7.0206
modern policy development 7.04754
production see United Kingdom under production
regulators see United Kingdom under regulators
resourcing criteria 11.048, 11.050, 11.051
self-regulation 3.044
stewardship see United Kingdom under stewardship
strategic environmental assessment 2.061
taxation see United Kingdom under taxation
time limits 2.062, 2.065, 3.083, 7.026, 9.061, 9.067, 9.0723
Wood Review see separate entry
United States 1.020, 6.002, 6.00910, 7.010, 12.005
civil law 3.041
concession contract 2.027
criminal law 3.041
efficient recovery 6.03752
licensing 1.007
cash bid 2.007
rule of capture 1.033
operator conduct 6.040, 6.0613
reasonably prudent operator 6.060, 6.062, 6.063
shale petroleum 4.026
unitisation 1.035, 3.057, 10.03840
Australia 6.017, 6.053, 7.038, 10.009, 10.026, 10.0412, 10.063
Norway 3.075, 6.053, 7.006, 10.0434, 13.040
PSCs 8.040
United Kingdom 6.053, 10.033, 10.0457
United States 6.043, 6.0445, 6.048
use it or lose it approach
Australia 2.041
United Kingdom 1.053, 2.041, 6.008, 6.030, 6.083, 13.017
value added tax (VAT) 5.019
Venezuela 4.006
wind energy 4.021, 4.024, 4.050, 4.069
Wood Review 1.002, 1.003, 1.004, 1.028, 1.0468, 3.002, 7.037, 7.04950, 13.008, 13.011, 13.014, 13.020, 13.047
asset performance 3.083
fair return 6.025
geological and seismic data 3.083
holistic view 5.068
infrastructure 12.056
key issues 1.046
licensing 1.004, 3.015, 7.049, 7.079
light touch regulation 3.077
national interest 5.003
OGA (Oil and Gas Authority) 3.049, 3.078, 7.079
dispute resolution 3.086
regulatory impact assessment 7.0534
risk 13.038
stewardship 5.074, 7.049
asset 3.083, 7.050
criteria 7.073
tripartite approach 5.087
World Bank 3.051, 4.014
Paper 123 8.021
Paper 179 5.011, 5.01213, 5.018, 7.007, 13.050
PSCs 8.001
World Energy Council 4.0214