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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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Securing Local Content

Securing Local Content

Chapter:
(p.138) 8 Securing Local Content
Source:
Managing Resource Abundance and Wealth
Author(s):

Jonathon W. Moses

Bjørn Letnes

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198787174.003.0008

This chapter describes what is meant by local content and examines the diverse incentives that countries can use to favor domestic suppliers/contractors, and how these have necessarily changed over time. The unique nature of the Norwegian licensing system allowed the state to allocate offshore exploration and development responsibilities. In the early years, this authority was used to ensure that Norwegian firms and institutions gained a large share of the petroleum activities, and many of these firms matured to become global leaders in their fields. We consider the particular incentives used by Norwegian authorities, including active participation and procurement requirements, profit-sharing/carried interest clauses, the national oil company (Statoil), technology and goodwill agreements, and so on.

Keywords:   carried interest, procurement, technology agreement, local content, licensing system

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