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Managing Resource Abundance and WealthThe Norwegian Experience$
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Jonathon W. Moses and Bjørn Letnes

Print publication date: 2017

Print ISBN-13: 9780198787174

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/oso/9780198787174.001.0001

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Commercial Frameworks

Commercial Frameworks

Chapter:
(p.86) 5 Commercial Frameworks
Source:
Managing Resource Abundance and Wealth
Author(s):

Jonathon W. Moses

Bjørn Letnes

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198787174.003.0005

This chapter introduces some basic frameworks for securing the government take, that is, how to decide between different ownership, royalties, and tax systems. It begins with an overview of various contract types and fiscal regimes, before focusing on the particulars of the Norwegian framework. Subjects covered include the nature of different contracting arrangements (joint ventures, production sharing contracts (PSCs), service contracts, the principle of carrying, and so on), and the diverse fiscal instruments used to maximize the government’s share of the revenues (national oil company, taxes, royalties, fees, and so on). The latter part of the chapter describes how the Norwegian concessions framework has changed over time, from supporting nascent interests and attracting international oil companies to providing a more level and competitive playing field for all offshore actors.

Keywords:   government take, joint ventures, production sharing contracts, royalties, taxes, concessions framework

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