Managing Resource Abundance and Wealth Managing Resource Abundance and Wealth The Norwegian Experience Jonathon W Moses and Bjørn Letnes Great Clarendon Street, Oxford, OX2 6DP, United Kingdom Oxford University Press is a department of the University of Oxford It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries © Jonathon W Moses and Bjørn Letnes 2017 The moral rights of the authors have been asserted First Edition published in 2017 Impression: All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by licence or under terms agreed with the appropriate reprographics rights organization Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above You must not circulate this work in any other form and you must impose this same condition on any acquirer Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016, United States of America British Library Cataloguing in Publication Data Data available Library of Congress Control Number: 2016958735 ISBN 978–0–19–878717–4 Printed and bound by CPI Group (UK) Ltd, Croydon, CR0 4YY Links to third party websites are provided by Oxford in good faith and for information only Oxford disclaims any responsibility for the materials contained in any third party website referenced in this work To our children Acknowledgments We are fortunate to work at one of Europe’s premiere technical universities (the Norwegian University of Science and Technology, or NTNU), where petroleum engineers are trained to address the enormous technical challenges associated with bringing Norway’s offshore oil and gas to market Several years ago, we began a collaboration with NTNU’s Institute for Petroleum Technology to teach engineering students about the social, political, economic, and ethical challenges of petroleum management We jumped at the opportunity to develop a new course, and the text before you is just one tangible result of our efforts Over the years, we have become indebted to our students—both graduate and undergraduate, engineers and social scientists We are proud to see how the course has functioned as a bridge between the social science and engineering fields, allowing students and staff alike to pass back and forth on fruitful journeys of discovery and growth Among those exchanges are our annual sojourns to the Department of Chemical and Mining Engineering at the University of Dar es Salaam in Tanzania, where we have enjoyed getting to know our African students in a more intensive (and hence necessarily more intimate) setting We are grateful to all these students, in both Trondheim and Dar es Salaam, for their very useful input over the years We have learned a great deal from the exchange We are also grateful to the responsible academics in these programs, who have opened up their programs to us, and forgiven our trespasses More than that, our engineering colleagues have made us feel very welcome indeed We would have never continued with this effort had it not been for the support and encouragement of Ambrose Itika, Jon Kleppe, and Egil Tjåland We wish to thank these colleagues for helping us build and maintain this bridge As we learned more about the industry, we became indebted to several friendly informants along the way: in the field, within the industry, and among consulting colleagues We have learned much from those who willingly shared their knowledge with us, albeit often informally In particular, we would like to express our thanks to Farouk Al-Kasim, Bengt Hope, Erik Jarlsby, Per Kulseth, Marilda Rosado, and Richard Wilfred Rwechungura The good offices and support of Statoil, Petrad, and the Association of International Acknowledgments Petroleum Negotiators (AIPN) are also appreciated, in providing us access to experts, information, and potential colleagues As for the text itself, we thank David Đukanovic for his research assistance early on in the project, along with Natalia De Lima Figueiredo and the anonymous reviewers at Oxford for their useful comments on earlier drafts Michael Alvarez and Omano Edigheji have been frequent sources of support over the years, and diligent readers of earlier drafts For that we are both very thankful On a more personal note, Jonathon would like to thank Omano for originally sparking his interest in the subject matter Of course, should any errors remain—despite the generous assistance and support from the aforementioned—the responsibility and blame is entirely our own viii Table of Contents List of Abbreviations xi xiii xv xvii Introduction List of Figures List of Tables List of Boxes The International Context 17 The Norwegian Context 38 The Norwegian Petroleum Administration 58 Commercial Frameworks 86 Macroeconomic Balance 107 Wealth Management 125 Securing Local Content 138 Regulating the Workplace and the Environment 167 10 The Ethics of Petroleum 196 11 Conclusion 229 Glossary 241 251 273 299 Notes References Index Index from petroleum, over time 101 from different actors 106 take 15, 23, 86–7, 91–2, 107, 144, 260n14 defined 244 white paper 74, 118, 132, 155, 217–18, 264n7, 268n24 Government Pension Fund, Global see GPFG Government Petroleum Fund 130–1 and budgetary rule 131–2 see also GPFG GPA see WTO: GPA GPFG 15, 72, 106, 119, 125, 130, 136, 242 Ethical Council 136, 216 ethics 136, 198, 215 and inflation 133 and international competitiveness 137 investment strategy and principles 136 investment types 135, 136, 263n6 vs other petroleum funds 133–4 size 135 stock holdings 215 Greece 12 Green Party 220 greenhouse gases 186, 219–20 see also emissions Greenland received payments from Statoil 224 Statoil presence 222 GSP see UNCTAD: GSP Guatemala, and EITI 211 Guinea, and EITI 211 Gulf of Mexico 1, 151, 154, 178, 264n6 Gulf Oil 23, 24 as Seven Sister 247 see also Chevron Gullfaks field 158–60, 257n21 extraordinary allocation round 99 Gulnes, Nils 256–7n16 Guyana Halliburton 143, 260n13 Hamilton, Alexander 41, 245 handlingsregel see budgetary rule Hansen, Boots Hansson, Rasmus 220 Haug, Tora 263n3 health care see public goods health, safety, and environment see HSE heimfall 50 helicopter crashes 179 Hendryx, Franck 28 Hilgerdt, Folke 252n5 hjemfallsretten 36, 49–50, 95 defined 244 Hong Kong 8, 32, 41 GPA signatory 253n12 host country agreement 165 secretive 211 Hotelling, Harold 110 Hotellings’ Rule 110–11, 129, 262n4 defined 244 Høyre see Conservative Party HSE 237 challenges 170 conditions 183 culture 189, 191, 268n24 institutions 186–8 vs OHS 266n4 prescriptive lists 170–1; see also inspections regulations 61, 71, 78, 150, 171, 185–94, 231, 245 change over time 170–7 international constraints 176 number of 191 offshore 183 tripartite approach 179, 181, 183, 188, 191, 268n24 main arenas 184 see also NPD; PSA(N) Hubbard, Richard John 225 Hudson, Michael 94 Human Development Index (HDI) 4, 12 human rights 175, 177, 200, 203–10, 216, 223, 227, 269nn7,10 types 270n12 see also UDHR Human Rights Watch 210 Hungary 12 Hunt Oil 200 hydraulic fracturing 229 see also unconventional fields hydrocarbons 2, 63, 67–8, 138 hydroelectric capacity 54 concession 36–7, 88, 95, 97, 254nn18–19 generation 14, 42, 45, 49–50, 57, 106, 198, 242, 271n23 IBRD 25 Iceland 8, 12, 13 EFTA member 253n13 GPA signatory 253n12 ICJ 175 ICSID 33 IFC see World Bank: IFC ILO 120, 181 Conventions 175–6, 266n7 and CSR 217 Decent Work agenda 169 OSH 171, 172 IMO 174 IMF 18, 25, 59, 126–7, 242, 270n14 in Chad 213 307 Index IMF (cont.) and EITI 211 Good Practices in Fiscal Transparency 261n30 immigration 113–14, 149 and Dutch Disease 121–2, 124 to Norway 121 import substitution industrialization see ISI In Amena see Libya: In Amenas income policy 46, 52–4, 97, 117, 181, 263n10 defined 245 and devaluation 115, 119–20, 121 income tax 69, 93–4, 103–4, 259n7 increased oil recovery see IOR India 32 Bhopal 171 corruption charges 218 Indian Oil 205 and Norwegian companies 164 Statoil presence 222 Indian Oil see India: Indian Oil Indonesia 1, 3, 5, 8, 12, 28, 32 Aceh 200 and EITI 211 and Norwegian companies 164 received payments from Statoil 224 Statoil presence 222 type of NOC 256n7 industrial accidents 170–1, 178–9, 185, 188, 192; see also disasters: human; diving accidents; fatalities; injuries industrial committee 73 industrial democracy 267n17 industrial interests 68 industrial partners 182 industrial policy 41, 43, 139, 143, 147, 188; see also LCPs industrial standards 171–3, 181, 183, 191, 209 industrial strife see labor: conflicts; strikes industrial tariffs 25 industrial relations 52 Industrial Democracy Program 267n17 industrialization 2, 20, 43, 45, 54, 57, 244; see also ISI inequality 8, 9, 12–13, 244 economic 20, 116, 122 see also Gini coefficient infant industry 166, 238 protection 20, 41, 43, 82, 84, 140 defined 245 Statoil as example 82 inflation 6, 11–12, 15, 25, 108–9, 111–13, 116, 124, 133, 241, 245, 261n2, 262n5, 263n2 and devaluation 114–15 and economic development 127 model see Aukrust Model over time 117 308 target 117, 120, 132 wage see wage: inflation infrastructure 3, 21, 43, 55, 60, 66–7, 84, 100, 127, 131–2, 139, 142, 148, 150–1, 204, 206, 230, 232, 235–6, 263n1; see also public goods injuries 169 offshore 180–1 over time 192 inspections 186–7, 267 technical 170 Institutt for Kontinentalsokkelsundersøkelser 265n17 Inter-American Bank 34 interest rate policy 25, 55 interests, vested 47, 59–60, 70, 230, 248 and pace of extraction 110 intergenerational 62, 127–31, 197, 199, 218, 227–8, 248 internal control 15, 190, 268n23 defined 245 internal safety systems 190–1 International Association of Oil and Gas Producers see OGP International Bank for Reconstruction and Development see IBRD International Court of Justice see ICJ International Energy Agency International Financial Corporation see World Bank: IFC International Labor Organization see ILO International Maritime Organization see IMO International Monetary Fund see IMF international oil companies see IOCs International Standards Organization see ISO International Trade Organization see ITO interwar 19, 23, 45, 50–2, 54 investment 9, 33–4, 40, 43 agreements 31, 33, 35, 37, 174 capital 127 domestic 6, 9, 127 vis-à-vis foreign investment funds 127 foreign direct see foreign direct investment funds see sovereign wealth fund of GPFG 135–6 inward direct 14, 34, 147 of MNC 21 risk 89, 104, 110, 135, 158, 226 sunk 9, 64–6, 176, 212; see also OBM see also BITs; ISDS investor rights 176, 215, 245 investor state dispute settlement see ISDS IOCs 1, 8, 14, 16, 22–3, 27, 39, 60–1, 95, 234 and contract types 88–91 defined 251n1 and ethical challenges 199–201, 204, 213–14, 232 Index and joint ventures 245 and labor 178, 181–2 and local content policies 143, 145–6 and regulatory regimes 170–7 vs NOCs 63–7 IOR 153, 237, 265n13 and local content policy 158 Iran 3, 5, 8, 24, 27–8, 32, 126, 222, 225 contract type 259n5 NIOC 224 received payments from Statoil 224–5 South Pars field 225 type of NOC 255 Iraq 3, 24, 27–8, 32, 126 and EITI 211 Ireland 12–13 Statoil presence 222 iron triangle 55 ISDS 33, 175–6 defined 245 ISI 20 defined 244 ISO 171–2, 174, 191 and CSR 209 Israel 12–13 GPA signatory 253n12 Italy 12–13, 32, 79, 252n1 ENI 79 Seveso 171 and UNGP 210 ITO 25, 242 Ivory Coast see Côte d’Ivoire Ixtoc 169 Japan 12–13, 32, 41, 48 GPA signatory 253n12 Jensen, Siv 271 Johnsen, Arve 69, 237 Johnsen, Sigbjørn 263n4 Johnson, Chalmers 39 joint venture 15, 23, 270n13 agreements see JVs defined 245 in Norway 76, 83, 105, 261n22, 265n12 creation of 95–6 licensing group 96 local content policy 156 types 259 JVs defined 88–9 and participation 93 Karl, Terry Lynn 4–5, 9, 47 Kazakhstan 3, 32, 126 and EITI 211 Statoil presence 222 type of NOC 256n7 Keynes, John Maynard 19 Keynesianism 55–6 kicking away the ladder 238, 254n3 Kleppe, Per 263n2 Kleppe-packages 120, 263n2 Kongsberg Group 166 corruption charges 218 Korea, South 8, 12–13, 41, 163, 264n3 GPA signatory 253n12 and Norwegian companies 164 Kuwait 3, 8, 24, 27–8, 32, 126 Oil Company 24 Kuwait Fund 270n15 Kuwait Petroleum 205 Kværner 155, 165 Kyoto Protocol 175 and Norway 219–20 labor 38, 45, 244 child see child labor conflicts, over time 182, 267n13; see also strikes discrimination 175–6 forced 175–6 freedom of association 169, 175–6 law 178 market 11–12, 45, 48–9, 108, 122 market partners 45–6, 52–4, 120, 188, 242, 258n24; see also industrial partners; LO; NAF; NHO movement 15–16, 38, 42, 45–6, 48, 54, 57, 73, 232 and HSE 178–94, 268n24 and licensing system 97 productivity 53, 116, 122–3, 150, 252n4, 267n17 by sector, over time 123 quiescence 181 standards 175 unions see unions Labor Party 43–6, 75, 181, 252n2, 253n14, 267n15, 271n21 and climate change 220 founded 52 and NOC 80–1, 258nn28,30 laissez-faire 19, 232 defined 245 policies 41 see also free market land 38, 40, 48–51, 242–4 land-based facilities 74, 84, 105, 163, 183 Land Use, Land-Use Change, and Forestry see LULUCF credits Landsorganisasjonen see LO Latvia 12 law 171, 173 common 50 309 Index law (cont.) competition see competition: law concession see concession: law EU see EU: law hard 206, 248 labor see labor: law panic see Panic Law petroleum see petroleum: law procurement 43 rule of see rule of law soft 206, 232 defined 248 tax see tax: law trade see trade law laziness 115–16 LCPs 74, 139–51, 234, 236 challenges 146–7 defined 144–6 impact 148–9 see also licensing system: and local content leading-branch 53, 120; see also Aukrust Model Liberal Party 44 liberalism 19, 21; see also embedded liberalism Liberia and EITI 211 and Norwegian companies 164 Libya 3, 28, 32, 126, 226 corruption charges 218 In Amenas 226 received payments from Statoil 224 Statoil presence 222 Tigantourine 226 license auctions see tender awards of 96 groups 82, 96, 153, 172 holder 171 internal control 190–1 Norwegian share of 98, 158 round see allocation round licensing system 68, 81, 92, 95–100, 106, 261n25 change over time 97–100 corporatist 97 and local content 97–8, 144, 156 international constraints 140–3 as negotiated 95, 97 schematic 96 Lichtenstein EFTA member 253n13 GPA signatory 253n12 lifting 89 defined 245 liquid natural gas see LNG List, Friedrich 41 Lloyds 173 LNG 172; see also natural gas 310 LO 45–6, 181 founded 52 oil workers 180, 267n15 loans 43, 56, 128, 172 local capabilities 147–8 local competencies 15, 34, 127, 146, 149, 152, 162, 165, 204, 238 local content 15, 87–8, 230 defined 245 and HSE regulations 188, 191–2 legislation 155 and licensing system see licensing system: and local content policies see LCPs prohibition of 31 Locke, John 47 lockouts 45, 52; see also strikes Løddesøl, Leif Terje 225 Loeffler, Dick 257n16 Lofoten 193–4 lottery 1, 7, 109 LULUCF credits 219 Luxembourg 12–13, 252n1 Maastricht Treaty see EU: Maastricht Treaty Mahdavy, Hussein 5, 247 Main Agreement 45, 52 Malaysia 8, 32 NOC 66, 213 and Norwegian companies 164 Petronas 66, 213 Mali 226 and EITI 211 Malta management plan 193, 212–13 see also World Bank: Revenue Management Plan for Chad Maslow, Abraham 188 Mattei, Enrico 253n7 Mauritania and EITI 211 Mauritius Mercosur 247 Mexico 1, 3, 12, 21, 32–3, 108, 126 and Norwegian companies 164 Statoil presence 222 type of NOC 255n7 MFN 140 Middle East 1–2, 23–4, 27, 40, 241, 260n11 midstream 94, 243, 249 defined 245 mining 50, 88, 125, 182, 198, 207, 211, 233, 242, 246, 254n8, 259n9, 267n13 Ministry of Climate and Environment 72, 186–7 Ministry of Finance 55, 72–3, 134–5, 263n5 Index Ministry of Industry 69, 75, 78, 155, 185, 260n19, 264n7, 265n11 Goods and Services Office 155, 162 and HSE regulation 185, 268nn20–4 Ministry of Labor and Social Affairs 72, 97, 186–7 Ministry of Local Government and Labor 78, 185 Ministry of Oil/Energy 60–1 Ministry of Petroleum and Energy see MPE MNCs 20–1, 26–7, 64, 143, 151, 204, 207, 217, 231 and OBM 246 see also IOCs Mobil 23–4 in Norway 69, 157, 180, 265n12 model contract 88 Model Law on Procurement of Goods, Construction, and Services see UNCITRAL: Model Law on Procurement of Goods, Construction, and Services modular platforms 161 monetary policy 24, 30, 132, 242 autonomy 25, 54 monopoly 22 state owned 51 Montesquieu, Baron de 47, 255n3 most favored nation see MFN Mozambique and EITI 211 and Norwegian companies 164 Statoil presence 222 MPE 70, 72, 194 assembles license group 97 and flaring permits 194 and HSE regulation 185, 194 and licensing system 96 and local content policy 152–3, 156 organization chart 77 policy responsibility 71–2, 75 selects operator 97 multilateral 32–4, 140–1, 175, 247 multinational corporations see MNCs Myanmar, Statoil presence in 222 NAF 182, 267n17 founded 52 see also NHO NAFTA 33, 247 national contact points see OECD: national contact points National Iranian Oil Company see Iran: NIOC national oil companies see NOCs National Oilwell Varco 166 nationalism 38, 223 developmental see developmental nationalism nationalization 27, 29, 80, 176 of banks 55 natural gas 5, 9–10, 84, 225, 243, 250; see also LNG natural resources 39, 48–51 control over, by contract type 88–90 Norway’s dependence on 57 public ownership of 28–9, 37, 49, 254n19 Natural Resource Charter 59, 255n4 Natural Resource Governance Institute see NRGI Nature 198 NBIM 134, 216–17 Corporate Governance Advisory Board 217 members of 270n18 and GPFG 136 investment strategy 216 NCS 15, 68, 74–6, 79, 83, 98, 106, 152, 158 exploration of 102 legal ownership of 95 licensing of 95, 247 regulations on 191 taxation of 102 NENT 220–1 Netherlands 12–13, 24, 32, 243, 252n1 GPA signatory 253n12 and Norwegian companies 164 Statoil presence 222 and UNGP 210 New International Economic Order see NIEO New Zealand 12–13 and Norwegian companies 164 Statoil presence in 222 newly industrialized countries see NICs NGOs 207, 210, 214 NHO 52 and HSE regulations 181, 193 NICs 41, 243 Nicaragua Statoil presence 222 NIEO 14, 21, 22–9 Charter 26–7 Niger and EITI 211 Nigeria 3, 5, 8, 28, 32, 252 and EITI 211 and Norwegian companies 164 received payments from Statoil 224 and Shell 200–1, 231; see also Ogoni people; Saro-Wiwa, Ken Statoil presence 222–3 type of NOC 256n7 NIOC see Iran: NIOC NOAF 182, 267n16 Nobel, Alfred 228 Nobel Peace Prize 215, 228 NOC 22, 29, 36, 60–1, 242 and carried interests 88 311 Index NOC (cont.) and contract type 87–91 ethical challenges 196, 204 and government participation 93 growth in number 29 vs IOCs 63–7, 247 and joint ventures 245 legal benefits of 256n13 in Norway 79–83 Norsk Hydro 258n28 three types 258n31 power of see state: within-a-state and social responsibility 204 types 255–6n7 see also Gassco, Petoro; Statoil NOCO 154, 261n22 NOFO 194 Non-Governmental Organizations see NGOs NOPEF 180, 182, 267n15 Norad 233 Norges Bank 54, 55–6, 118, 134 revenue collection 106 see also NBIM Norges Bank Investment Management see NBIM Norges Bondelag 51 Norges Fiskerlag 51 Norges Sildesalgslag 51 norm price system 103–4, 261n27 defined 246 Norne field 158 Norpipe 258n32 Norsk Hydro 84, 154, 158, 261n22, 265n13 as possible NOC 80, 258n28 and Statoil 82, 257n19 NORSOK 15, 174, 184, 237 industrial standards 183, 191 North Atlantic Free Trade Agreement see NAFTA North Sea 68, 78, 87, 99–100, 151–2, 154, 223, 257n17, 261n24, 264n6 disasters 180 HSE regulation 167, 178 Norwegian Accounting Act 271n20 Norwegian Clean Seas Association for Operating Companies see NOFO Norwegian Coastal Administration 179, 186, 194 Norwegian Continental Shelf see NCS Norwegian Contractors 154 Norwegian Directorate of Health 186, 189 Norwegian Employers’ Association see NAF Norwegian Environmental Agency 72, 186, 193–4 Norwegian Geological Survey 256n14 Norwegian Maritime Directorate 178, 187 312 Norwegian national research ethics committee for natural science and technology see NENT Norwegian Oil and Gas Association 193 Norwegian Oil and Petrochemical Trade Union see NOPEF Norwegian Oil Consortium see NOCO Norwegian Operators Employers’ Association see NOAF Norwegian Petroleum Consultants 265n14 Norwegian Petroleum Council 75, 256n16, 260n19 Norwegian Petroleum Directorate see NPD Norwegian Petroleum Price Board 246 Norwegian Pollution Control Authority 187, 189 Norwegian Radiation Protection Authority 187, 194 Norwegian Sea 100, 261n24 Norwegian Securities Act 271n20 Norwegian system 42–3, 254n5 Norwegian Trench 69 Norwegian Union of Energy Workers see SAFE NOx emissions 103 fund 193 tax 102–4, 193 NPD 70, 72, 79, 268n27 and drilling permits 193 and licensing system 96 and local content policy 152–3 regulatory responsibility 71, 78–9, 179, 183, 185 revenues received 106 RNNP see RNNP staff size 79 training of staff 265n12 NRGI 59, 271n26 NTNU 43, 161, 220–1 akademia-agreement 220 Nygaardsvold, Johan 44 OBM 64–5, 234 and Chad–Cameroon pipeline 66, 212 defined 246 and HSE regulation 176–7 in Norway 68–70 and pace of extraction 111, 117–18 obsolescing bargaining mechanism see OBM Occupational Environment Committees 188 Occupational Safety and Health Administration see United States: OSHA Ocean Rig 166 Ocean Traveler 154, 264n6 Ocean Viking 264n6 ODA 26, 215, 233, 243 to Tanzania 226 Odeco 264 Index Odfjell Drilling 166 OECD 11, 105, 207, 270n15 Anti-Bribery Convention 269n11 Declaration on International Investment and Multinational Enterprises 207 Guidelines for Multinational Enterprises see OECD GME inequality index 13 national contact points 210 Norway 217 productivity levels 122–3 unemployment levels 12 OECD GME 207, 210, 217 Offer Agreement 160, 248 see also Technology Agreement Official Development Assistance see ODA offsets 141, 143, 149 defined 142, 246 offshore activities 1, 14–15, 76, 95, 119, 124, 129, 133, 152, 157, 161–2, 165–6, 168, 178, 182, 257n21 fund 111; see also GPFG; petroleum: funds; sovereign wealth funds markets 30, 137, 145 regulations 78, 166, 172, 174, 178, 183, 189–90, 271n23 territory 28, 86–7, 244 workers 161, 177–8, 180–1, 268n18; see also labor OFS 180, 182, 267n15 Ogoni people 200–1 OGP 173–4, 208 OHSAS 172, 195 oil field service companies 91, 143, 260n13 price of volatility 8, 109, 125, 128–9 sands 222, 249, 251n2; see also unconventional fields spills 169 in Nigeria 201 in Norway 78, 180, 194 number of 266n1 see also petroleum Oil for Development 80, 89, 215, 233; see also ODA Oil Industry’s National Association see OLF OLF 181–2, 267n16 Oliveira, Ricardo Sores de 225–6 Oman 32, 126 one party state 44 OPEC 7, 14, 22, 27–9, 95, 155, 249, 258n29 described 246 and Hotelling’s Rule 262n4 member states 28 UN Charter 253n9 Open Oil 261n30 Open Society Initiative 208, 210, 261n30 operational competency 58, 60, 62–3 and local content policy 153 see also commercial: activity operator see field operator Organization for Economic Co-operation and Development see OECD Organization of the Petroleum Exporting Countries see OPEC Ormen Lange field 158 Oseberg field 82, 99, 158–60, 265n13; see also TOGI OSH MS 171, 266n6 OSHA see United States: OSHA Oslo Accords 215 Oxfam 208, 210 Pace Committee 118–19, 130–3, 263n9 defined 248 dissent 263 pace of extraction democratic control 73–4, 76 and Dutch Disease 110–12, 117–18, 125 and Hotellings’ Rule 110–11 and local content 15, 236 moderate 107, 118, 234 and OBM 117–18 securing 262n8 and sovereign wealth funds 127 Panic Law 50, 242, 246 Paradox of Plenty 4–6, 9, 13, 16, 47, 58, 199, 202, 214, 230–2, 234–5 paragraph (}) 10 clause 15, 81, 83 parliament see Storting parliamentary systems 59 participation agreements 91 by contract type 93 equity 92–3 local 148 net profit participation rate 69 state see state: participation Statoil 158–9 worker see worker: participation PDO 193, 268n27 PDVSA see Venezuela: PDVSA pension fund see GPFG obligations 129, 134 Pérez Alfonzo, Juan Pablo 27, 253n8 Peru 32, 200 and EITI 211 Petoro 15, 71–2, 106 managing SDFI 83–4, 105, 158 Petrobras see Brazil: Petrobras 313 Index petroleum dependence on 5–7, 9–10, 14, 128, 252n9 directorate 61; see also NPD exploration see exploration funds 74, 111, 114, 119, 125, 128–9, 133; see also Government Petroleum Fund; GPFG; sovereign wealth funds law 76 versus regulations and decrees 255n6 tax 102–5; see also oil Petroleum Act 100, 184, 187–94 tax rate 257n17 Petroleum Safety Authority (of Norway) see PSA(N) Petronas see Malaysia: Petronas Petronord Group 258n28 members 261n22 PGS 166 philanthropy 202–3 Philippines 32 Phillips in Norway 95, 154, 180, 257n17 pipeline 105, 148, 153, 245 amortization of 103 in Cameroon: Chad 66, 212–13 control of 69, 158 Gassco 84 Piper Alpha 171, 268n28 plan for development and operations see PDO Plato 197, 268n1 platforms 162–3, 145, 154, 195, 225, 264n6 modular 161 PDQ 161, 265n18 semi-submersible 180, 264n6 plurality agreement 34 defined 253n11 see also WTO: GPA Poland 12–13 Polanyi, Karl 19–21, 48, 243 Polarcus 166 policy maker, defined 246 taker 19 defined 246 policymaking with respect to petroleum 58, 60–2, 67 in Norway 73–6 see also Ministry of Oil: Energy and Tripartite Model Polity dataset 3, 251n4 polluter pays principle 193 pollution 67, 175, 180, 193, 198 Pollution Control Act 183–4, 186, 192–4 emissions regulation 193 see also Climate and Pollution Agency portfolio investment 111, 129 Portillo, José López 108 314 Portugal 12, 13 poverty 9, 12, 42, 45, 199, 233, 254n3 pre-qualification 149–50 Prebisch, Raúl 20, 26–8, 252nn4–5 Prebisch–Singer hypothesis 20, 252nn4–5 preferential treatment 25, 34, 36 presidential systems 59, 255n1 primary goods 20, 26–8, 50, 247, 249, 252, 269 defined 246 processing equipment 164–5 procurement 25, 34–5, 256n11 directive see EU: Procurement Directive and local content policies 141, 149–50 policy in Norway 36–7, 43, 155 see also WTO: GPA producer cooperatives see cooperatives production license 96–7, 100, 157, 257 in Norway 100 and SDFI 105, 247 sharing agreement see PSCs sharing contract see PSCs productivity, investments in 132–3 profit oil 89, 93, 242, 244, 247, 259n10 defined 246 total, versus rent 91–2 profit-sharing 15 and government participation 93 in Norway 69 Program on Energy and Sustainable Development 255n5 Progress Party 44, 263 property rights 6, 18, 36, 47, 247 protect 59 protectionism 32, 34, 141, 162, 254n3 protest groups 17, 200 PSA(N) 72, 78–9, 179, 268nn21–2 and HSE 181, 183–5, 187, 189–90, 193 PSCs 15, 88–90, 149, 242, 260n11 defined 89, 246 and participation 91, 93 in Tanzania 226 public control 36, 43, 49–50, 98 public employment 7, 46; see also employment public goods 3, 8–9, 12, 127, 131–2, 206 public hearing 96–7, 183 public lending see loans public ownership 28–9, 37, 49–50, 60, 90, 254, 264n3 public procurement see procurement public revenue 75 public sector 8, 46, 112, 171, 229, 233 public services 8, 12 public spending 36, 112, 128, 134 public tender 246; see also tender Index publish what you pay see PWYP PWYP 208, 210, 261n30 Qatar 3, 9, 28, 32, 126 Quesnay, Franỗois 245 quotas 148, 193, 253n8 R&D 142, 265n16 and local content policies 159–61 R factor 93, 260n15 defined 246–7 Radcliffe Committee 254n10 radioactive substances 194 Råfiskloven 51 Rafsanjani, Mehdi Hashemi 225 Rafsanjani-Statoil Corruption Case 225 see also Statoil: and corruption rate of recovery 65, 147, 153, 158 Raw Materials’ Laboratory 43 real estate 48, 135–6, 248, 263n6 rechtsstaat 14 defined 247 referendum on EEC/ EU membership 18, 35, 80 refining 69, 79, 138, 172, 198–9, 243, 245 and ethical challenges 202, 231 and transfer pricing 94 Regional Trade Agreements see RTAs regulation framework 61, 189–90; see also Framework Regulation and Hotellings’ Rule 111 self- see self-regulation regulatory authority 58, 60–1, 62–3, 67 and local content policy 13 in Norway 71, 76–9; see also NPD and PSA(N) regulatory capacity 63 regulatory compliance 150 regulatory control 171, 173; see also HSE: regulations Regulatory Forum 183–4 Reich, Robert 214, 232 remittances 114 remotely operative vehicles see ROVs renewable resources 198, 222 rent 49–50, 230, 244, 247 economic 39, 49, 247 defined 243 holder of 91–2 and local content policies 144–6 resource 39, 92, 100, 102, 232 defined 40 rent-seeking rental fees 93 rentier state 5, 14 defined 247 Report on Payments to Governments 271n20 reputational risk, defined 247 research and development see R&D and local content policy 150–1 reservoir 84, 169, 234, 249 Resource Curse 4–5, 7–8, 10, 59, 107, 196, 210, 212, 214–15, 227, 231–2, 236, 251n5, 252n9, 262n6 in Chad 212 defined 247 and form of government 255n1 resource pull effect see factor: movement effect revenue, components of 92 Ricardo, David 40, 49 right-to-work state 178 rights civil see civil rights human see human rights investor see investor rights political 47, 204, 206, 227 property see property rights shareholder see shareholder: rights worker see worker: rights Rio Declaration on the Environment and Development 29, 175 risk 63–6, 68, 87, 91, 109, 148, 158, 167–70, 221, 223, 248, 250, 257n17, 269n3 by contract type 89–90, 245 factors 171 investment risk see investment: risk reputational see reputational risk service contracts 90 trends 183; see also RNNP Rjukan 50 RNNP 183 Rockefeller, John D 22, 69, 198 Rolls-Royce Marine 166 Romania 32 corruption charges 218 Ross, Michael 252n5 Rousseau, Jean Jacques 47 ROVs 192, 229 royal decrees 76, 155, 162, 184–5, 189, 267n9 Royal Dutch Shell 23–4, 200–1 as Seven Sister 248 see also Shell royalty 68, 91–2, 112, 200–1, 244, 246–7 agreements see CAs in concession agreements 89–91 defined 93, 247 in Norway 68, 101, 103–4 over time 101 oil 246 rates 103, 246 see also R factor shares 89 315 Index royalty (cont.) Statoil payments 224 types 93, 249 RTAs 32–3, 35 defined 247 growth in number 33, 35 see also EU Ruggie, John 176 rule of law 47, 59, 247 Russian Federation 2, 3, 9, 12, 32, 126, 204, 218 Barents Sea agreement 260n17 Gazprom 204 and Norwegian companies 164 received payments from Statoil, 224 Statoil presence 222 type of NOC 256n7 VipelCom 218 RVK 184 Rystad, Jarand 221 Sachs, Jeffrey 7–8, 59, 251n7 Saipem 143 SAFE 181 safety delegates 181, 183, 188 occupational health 52, 172; see also HSE in Petroleum Act 189 regulation 78–9, 183–92 as part of local content policy 160–1 standards 75, 88, 148, 150, 171–2 Safety Forum 183–4 Saga 158 and Statoil 82, 257, 258n31 sailors 180 sales tax 104 Sampson, Anthony 253n7 São Tomé and Príncipe 32 Saro-Wiwa, Ken 200–1 Sassen, Saskia 30 Saudi Arabia 3, 8, 24, 27–8, 32, 126 Aramco 24 and social responsibility 204 and Norwegian companies 164 type of NOC 255n7 savings fund 116, 129–30 see also sovereign wealth funds Say, Jean-Baptiste 110 SCs 15, 253, 260 defined 88–90, 247 Scandinavian inflation model see Aukrust Model Schlumberger 143, 166, 260n13 Schweigaard, A M 42 SDFI 15, 72, 84, 102, 105–6, 158 creation of 82–3, 221 defined 247 316 and Ministry of Finance 97 and licensing system 97, 261nn25,28 revenues, over time 101 SDR 26 Seadrill 166 secondary sector 246–7, 249, 269n10 Securities Exchange Act see United States: Securities Exchange Act “see-to-it” responsibility see field operator: responsibilities Seip, Jens Arup 44 seismic data 193 seismic industry 165 seismic survey 87, 153 self-regulation 167, 171, 178, 242; see also internal control service contract see SCs industry 141, 143, 163–6, 260n13 by international sales 165 Seven Sisters 23 background 253n7 defined 247 list of 24 seven-day letter 96–7 SfS 183–4 shareholder 24, 65, 71, 83, 110, 160, 202–4, 233, 247–8, 269n9, 270n17 rights 269n9 Shell 23–4, 251n1 at Achnacarry 241 “building a better world” 202 in Nigeria 200–1, 231 in Norway 261 and Resource Curse 214 and social responsibility 204–5 sheltered sector 53–4, 108–9, 115, 120–2 and Aukrust Model 241 defined 245, 248 and Dutch Disease 112–13 Sherman Antitrust Act see United States: Sherman Antitrust Act Ship Safety and Security Act 184 shipping interests 68, 94, 152, 155, 264n7, 267n11 and transfer pricing 94 Sierra Leone, and EITI 211 silver silviculture 132 Singapore 8, 32, 41 GPA signatory 253n12 and Norwegian companies 164 Statoil presence 222 Singer, Hans 20, 252; see also Prebisch–Singer hypothesis SINTEF 265n17 Skånland, Hermod 115–19 Index Sleipner field 158 Slettemark, Guro 217 sliding scale 81, 83, 93, 97, 159, 261n23 and allocation round 98 defined 248 and local content policy 97, 157–9, 162, 257n18 Slovak Republic 12–13 Slovenia 12–13 small and medium-sized enterprises, See SMEs SMEs 149–50 Smith, Adam 40, 251, 269n9 Smithsonian Agreement 120 snake-in-the-tunnel 120 Snorre field 82, 257n21 social corporatism see corporatism social democracy, defined 248 social democratic government 38, 55–6, 223, 237, 248 social protection 19, 168–9 social responsibility 206; see also CSR Social Responsibility Working Group 208 Socialist Left Party 44, 81 Socialist People’s Party 252n2 Solow, Robert 262n4 Solstad 166 Sonangol see Angola: Sonangol South Africa 12 South Korea 8, 12, 41, 264n3 GPA signatory 253n12 and Norwegian firms 163–4 South Pars field see Iran: South Pars field sovereign wealth funds 12, 15, 74, 125–7, 130, 132 defined 248 and oil price volatility 129 and pace of extraction 111–12 pros and cons 126–7 world’s largest 126; see also GPFG; petroleum: funds sovereignty 1, 4, 18, 33, 37, 39, 47, 66, 73, 76, 270n12 constraints on 66, 175, 253n14 see also autonomy Soviet Union 2, 260n11 Chernobyl 171 see also Russian Federation Spain 5–6, 12–13 Special Drawing Rights see SDR spending effects 112–13, 148 spills see oil: spills spotlight effect 195, 206, 208 stabilization clause 33, 91, 175–7, 231, 266–7n8 defined 248 stabilization fund 116, 129–30; see also petroleum: funds; sovereign wealth funds stakeholders 39, 67, 74, 79, 168, 196, 202, 204, 207, 211, 236, 269n9 defined 248 Standard Norge 184 Standard Oil 22, 198 at Achnacarry 241 of California 24 as Seven Sister 248; see also ExxonMobil Corporation and Trust 22 of Indiana 23; see also Amoco of New Jersey 23–4 as Seven Sister 248; see also Exxon of New York 23–4 as Seven Sister 248; see also ExxonMobil standards 171, 173–4, 183, 189, 217, 266n6 anti-discrimination see anti-discrimination standards based regimes 171–7, 179 company 181 corporate governance see corporate governance standards environmental see environmental standards ethics see ethical standards independent 171 industrial see industrial standards international 16, 148, 171, 173–4, 191, 201, 206, 266nn6–7 list of influential 172, 174; see also ISO labor see ILO and labor: standards national 15, 150, 171, 173–4, 184, 187, 191; see also Standard Norge providers 167, 171–3, 177, 206 safety see safety: standards technical see technical standards Stanford University 198, 255n5; see also Program on Energy and Sustainable Development state bureaucracy see bureaucracy interventionist 18, 41, 48 liberal democratic 38–9 owned banks see banks: state owned enterprises 51, 63, 74, 79–81, 217, 248, 263nn2–3 participation 23, 70, 81, 92, 97–8, 144, 154, 248, 257n18, 264n7 regulations see regulation and regulatory within-a-state 62, 67, 81 Statoil 256n8 state’s direct financial interest see SDFI Statfjord A platform 180, 194 B platform 265n14 field 69, 158–60, 257, 265n14 extraordinary allocation round 98, 157 317 Index Statoil 15, 36, 72, 221–7, 237–8, 265nn12–14 and “akademia-agreements” 220 capture and storage 223 and carried interest 98 and corruption 223–5 and CSR 223 cutting down to size 82–3 dividend 101–2 over time 101 establishment of 80–1 ethical challenges 196, 221–7 ethical code of conduct 224 foreign investment 217 list of 222 and human rights 223 and local content policies 152–3, 155–9, 162 on New York Stock Exchange 83 as Norway’s NOC 79–82 and OBM 69–70 payments to governments 224 political control of 76 privatization of 83 privileges 157 and social responsibility 204, 215 state shares in 83 state-within-a-state 257n19; see also state: within-a-state training 265n11 transparency 223, 259n4 and Tripartite Model 70 voting rights 81, 157–8 Statpipe 70, 158 Stiglitz, Joseph 263n1 stocks 135, 248 Stoltenberg, Jens 44, 263n4 Stopford, John 20–1 Storting 42, 47 and budgetary rule 132–4 and climate change 219–20 new concessions system 100 on Dutch Disease 118 and GPFG 216 and HSE 185 and local content policies 155–62 on NOC 79–80 on pace of extraction 118–19 paragraph (})10 15, 81, 83 petroleum taxes 102–3 petroleum-related activity 72–3, 76, 99 and Technology Agreements 160 wage freeze law 120 see also Ten Oil Commandments Strange, Susan 20–1 strategic capitalism 55 strikes 45, 52, 181–2, 267n13, 268n18 see also labor: conflicts subsea installations 158, 164–5, 229 318 subsidies 245 Sudan 32 supply industry 13, 36, 139, 147–8, 151, 161, 163 Suriname, Statoil presence in 222 sustainability, defined 248 sustainable development 199, 205, 207, 215, 223, 228 Swarthmore College 198 Sweden 11–13, 32, 48 Norwegian independence from 49, 254n6 productivity levels 122–3 received payments from Statoil 224 Swedish Association of Oil Consumers 79 Switzerland 12–13, 32 EFTA member 253n13 GPA signatory 253n12 Syracuse Oil 261n22 Syracuse University 198 Syria 32 tail-end production 104 Taiwan 8, 41, 264n3 GPA signatory 253n12 Tanzania 199 and EITI 211 model contract 88, 226 and Norwegian companies 164 Statoil presence in 222, 226 tariffs 25–6, 32, 35, 151, 176, 245 Tavistock Institute 267n17 tax 5–6, 8, 12–13, 30, 64, 89, 92, 244 administration, 106 agreements see CAs arrangements 93 change in 69, 103 CO2 see CO2: tax corporate income see corporate income tax credits 93 deductions 104 environmental see environmental taxes holidays 93 incentives for local content 161 income see income tax jurisdictions 94, 249 law 102–4, 150 NOx see NOx: tax petroleum see petroleum: tax policy in Norway 56, 68–9 revenue 30, 101–2 over time 101 sales see sales tax system 94, 101–4 and transfer pricing 94, 249 types 93 uplift allowance 104, 261n26 taxation without representation 251n8 Index TBU 53 Technical Calculations Committee for Wage Settlements see TBU technical standards 142, 149, 264n6 technology 21, 64, 87, 91, 141–2, 144, 169, 179, 188–9, 195, 229, 256n11, 265n13 off-the-shelf 57, 69, 151–2, 154 transfer 142, 149, 156, 160 Technology Agreement 15, 153, 159–62, 244 defined 248 and licensing system 97–8 and local content policy 155, 158–62 Telenor 218 Tempoutvalget see Pace Committee Ten Oil Commandments 73, 79, 267n10 defined 249 and HSE regulations 178 list of 74 and local content policy 152 tender 149–50 competitive 87, 150, 246, 258–9n1 defined 249 list 155 pre-qualification requirements 149–50 public 249 defined 246 terms of trade 15, 20–1, 26–7, 245, 252–3n5 defined 249 see also Prebisch–Singer Hypothesis terrorism 226 tertiary sector 246–7, 269n10 defined 249 Texaco 23–4 as Seven Sister 248 see also ChevronTexaco Texas 27, 40, 126 Company 23; see also Texaco Railroad Commission 27 defined 249 TFO see APA Thailand 32 and Norwegian companies 164 Tigantourine see Libya: Tigantourine timber 42, 51, 242, 254n8 Norway’s dependence on 57 Timor-Leste 126 and EITI 211 TOGI 265n13 Togo, and EITI 211 Tokyo Round see GATT: Tokyo Round Total 79, 214, 251n1 and Resource Curse 214 total oil 259n10 Total Quality Management 171 tradables sector see exposed sector trade law 31, 34 Trade Related Aspects of Intellectual Property Rights see TRIPs Trade Related Investment Measures see TRIMs trade unions 162, 180–2 federations 52, 180; see also LO training 12, 54, 56, 142, 147–9, 152, 156, 161, 174, 178, 184, 213, 265nn11–12 transfer pricing 94, 104, 151, 246 defined 249 see also norm price system transfers 12–13 transparency 42, 70–1, 84, 125–6, 130, 142, 205, 207–8, 210–14, 218, 232, 270n14; see also EITI; EU: Transparency Directive; Transparency International Transparency International 11, 214 Corruption Perception Indicator 214, 223 In Norway 136, 217–19, 223 Trasti, Karl 264n7 treaties see BITs; environmental treaties Trends in Risk Level in the Petroleum Industry see RNNP Triangular Diplomacy 21 defined 249 TRIMs 31 and local content policy 140–1 Trinidad and Tobago 32 and EITI 211 TRIPs 31 Tripartite Model 59–62, 66–7, 84, 152, 256n13, 258n29 diagram of 61 and local content politics 152–3 in Norway 70–84 diagram of 71 Troll field 158, 257, 265n13 Troll-Oseberg Gas Injection see TOGI trust 52, 106, 167–8, 179, 195–6, 237 trust-busting 22–3 Tunisia 32 Turkey 12, 32 Statoil presence 222 Turkmenistan UDHR 210, 214 UK Oil and Gas 174 UN Charter 253 Convention against Corruption 269n11 Global Compact 202, 205, 207, 217 Guiding Principles on Business and Human Rights see UNGP Human Rights Council 208, 210 Principles for Responsible Investment 172–3 UN Resolution on Permanent Sovereignty over Natural Resources 86 UNGP 208, 210 319 Index UNCITRAL 34 Model Law on Procurement of Goods, Construction and Services 35 unconventional fields 2, 251n2 defined 249 UNCTAD 26–7, 31 GSP 26 UNDP 4, 12 unemployment 9, 11, 19, 49, 52, 116, 169, 252n10 OECD 12 Unio 45–6 union density 45, 52 rates over time 46 unionization 45–6 resistance from IOCs 231 unions 52, 72, 162, 181–2, 216, 248 anti-union attitudes 178, 180 company 180 and HSE regulations 179, 184 shop stewards 188 trade see trade unions and Willoch Declaration 181 see also corporatism; labor: movement United Arab Emirates 3, 8, 28, 32 Statoil presence 222 United Kingdom 12–13, 24, 32, 79, 258n32, 268n28 competes with Norway 68 and EITI 210 global power 223 and NCS negotiations 95 and Norwegian companies 164 received payments from Statoil 224 Statoil presence 222 type of NOC 255–6n7 and UNGP 210 see also BP United Nations Commission on International Trade Law see UNCITRAL United Nations Conference on Trade and Development see UNCTAD United Nations Development Program see UNDP United States 1, 3, 12–13, 17–19, 22, 24, 27, 30, 32–3, 47, 69, 161, 168, 198, 201, 251n8, 262n4, 268n28, 269n11, 270n12 anti-union 178 Congress 25 and contract types 86, 90 Dodd–Frank Act 210, 218, 269n11 Foreign Corrupt Practices Act 207, 210, 218 and Statoil 225 global power 223 GPA signatory 253n12 and Norwegian companies 164 320 OSHA 168 Progressive Movement 49 received payments from Statoil 224 Securities Exchange Act 207, 218, 269n11 Sherman Antitrust Act 22 Statoil presence 222 Three Mile Island 171 type of NOC 255n7 unitization contract 259n5 defined 249 Universal Declaration of Human Rights see UDHR University of Bergen 161, 220 upstream market 81, 243, 245 defined 249–50 regulation of 208 and transfer pricing 94 Uruguay Round see GATT: Uruguay Round Utilities Procurement Directive see EU: Utilities Procurement Directive Uzbekistan 218 Varg field 265n12 Vargas, Getúlio 138 Venezuela 3, 5, 8, 27–8, 32, 128, 138, 204 participation agreements 260n12 PDVSA 204–5 Statoil presence 222 type of NOC 255n7 verification procedures 171 Vernon, Raymond 64, 246; see also OBM Vietnam 17–18, 32, 143 and Norwegian companies 164 violence 5, 8, 201; see also conflict volatility see oil: price of: volatility wage agreements 45–6; see also corporatism band 53 demands 45, 53 earners 45–6, 49; see also labor freeze 120, 267n15 inequality 12, 121–2; see also inequality inflation 120–2, 267 solidarity 53 wages 6, 52–4, 108–9, 113–15, 120–2, 125, 137, 145, 169, 181–2, 237, 241, 245, 252n4, 263n2 Wal-Mart 216 Warner, Andrew 7–8, 59, 251n7 waterfalls 14, 36, 43, 49–50, 254n8, 260n21; see also hydroelectric: generation Weatherford 260n13 welfare state 12, 52, 54, 56, 127, 131, 214, 248 well drilling bans 193 Index permit 193 services 164–5 well efficiencies 234 White, Harry Dexter 19 wildcat 87 defined 250 Willoch, Kåre 44, 182, 221 Willoch Declaration 182, 188 wind 222 work permit system 268n25 program 89, 100, 153 and licensing system 97 worker participation 167, 178, 237, 267n17 productivity 116, 267n17 protections 177; see also ILO; Workers’ Protection Legislation; Working Environment Act rights 32, 168, 175, 177, 223 safety 71, 168–9, 194; see also HSE Workers’ Protection Legislation 178 Working Environment Act 184, 187–8, 268n18 Working Together for Safety see SfS World Bank 7–8, 18, 33–4, 173, 208, 214, 242 and Chad–Cameroon pipeline 66, 212–14 “Doing Business” database 264n5 DSB 31–2 and local content policy 141 EHS Guidelines 172 and EITI 211 IFC 172–3 Revenue Management Plan for Chad 212–13 World Business Council for Sustainable Development 205, 207 World Commission on Environment and Development 248 World Industry Council for the Environment 207 World Trade Organization see WTO World War One see WWI World War Two see WWII WTO 18, 25, 27, 31–5, 37, 242, 253n11 ASCM 141 and local content policy 141–2 Code on Government Procurement 34 Doha Round 32 DSB 31–2 and local content policy 141 Expert Panels 31–2 GATS 31 and local content policy 140, 142 GPA 34, 37, 140, 263–4n3 and local content policies 141–2 signatories 253n12; see also procurement list of petroleum producing members 32 and local content policies 140–3 and RTAs 247 SDT 142–3 see also GATT WWI 22, 49, 52 WWII 19, 20, 23, 44, 54, 270n12 Yara 218 Yemen 32 and EITI 211 Yergin, Daniel 40 YS 45–6 Zambia and EITI 211 321 .. .Managing Resource Abundance and Wealth Managing Resource Abundance and Wealth The Norwegian Experience Jonathon W Moses and Bjørn Letnes Great Clarendon Street,... the hands of an absolute monarchy Managing Resource Abundance and Wealth On the surface, then, it appeared as though the Spanish authorities were able to use their new-found wealth to develop and. .. rely on taxing their citizenry, they are less obligated to respond to the needs of that citizenry.8 Instead, officials focus their attention on the IOCs, and the wealth and power that these can deliver