Managing Resource Abundance and Wealth: The Norwegian Experience describes the sundry and significant challenges, both economic and political, facing petroleum-producing countries. The volume outlines the pitfalls that policymakers encounter in the aftermath of a major resource discovery, and what they can do to protect their countries from the most adverse consequences. These lessons are derived from two very different sources: The broader-if still
underdeveloped-social science literature that examines the 'Paradox of Plenty' in its disparate forms; and the experience of a country that has successfully managed its natural resources over several decades. As a
small country on the margins of Europe, Norway has stood up to powerful international interests in one of the world's most powerful industries. Norway has exerted sovereign control over its natural environment, and exploited its resources in a way that has delivered significant wealth to its citizens. This volume explains how Norway has largely avoided the 'Paradox of Plenty'. It aims to demonstrate the variety of policy tools that are available to states rich in natural
resources, and how these tools can be adjusted to changing (domestic and international) contexts. It considers a number of questions, such as how countries need to administer and regulate the industry
to consider the costs and benefits associated with various contract and licensing regimes, and fiscal arrangements; to maintain competitiveness and avoid becoming too dependent upon the sector; to maximize local content; and to protect the broader economy from the volatility of petroleum prices. The volume shows how the industry can be managed in a democratic, just, and ethical manner, and for the benefit of the general population.
Managing Resource Abundance and Wealth: The Norwegian Experience describes the sundry and significant challenges, both economic and political, facing petroleum-producing countries. The volume outlines the pitfalls that policymakers encounter in the aftermath of a major resource discovery, and what they can do to protect their countries from the most adverse consequences. These lessons are derived from two very different sources: The broader-if still
underdeveloped-social science literature that examines the 'Paradox of Plenty' in its disparate forms; and the experience of a country that has successfully managed its natural resources over several decades. As a
small country on the margins of Europe, Norway has stood up to powerful international interests in one of the world's most powerful industries. Norway has exerted sovereign control over its natural environment, and exploited its resources in a way that has delivered significant wealth to its citizens. This volume explains how Norway has largely avoided the 'Paradox of Plenty'. It aims to demonstrate the variety of policy tools that are available to states rich in natural
resources, and how these tools can be adjusted to changing (domestic and international) contexts. It considers a number of questions, such as how countries need to administer and regulate the industry
to consider the costs and benefits associated with various contract and licensing regimes, and fiscal arrangements; to maintain competitiveness and avoid becoming too dependent upon the sector; to maximize local content; and to protect the broader economy from the volatility of petroleum prices. The volume shows how the industry can be managed in a democratic, just, and ethical manner, and for the benefit of the general population.
1: Introduction
2: The International Context
3: The Norwegian Context
4: The Norwegian Petroleum Administration
5: Commercial Frameworks
6: Macroeconomic Balance
7: Wealth Management
8: Securing Local Content
9: Regulating the Workplace and Environment
10: The Ethics of Petroleum
11: Conclusion
Glossary
Jonathon W. Moses is a Professor of Political Science at the
Norwegian University of Science and Technology, where he has taught
since 1993. He is also Chairman of the Board, Researcher and
Consultant at the Center of Petroleum Management (CPM). His
research interests concern how states can maintain political
sovereignty in response to the many faces of economic
globalization, and his recent books include Emigration and
Political Development (Cambridge
University Press, 2011). He gained his PhD from the University of
California, Los Angeles in 1995. Bjørn Letnes is Managing Director
at Center for Petroleum Management (CPM) and Associate Professor at
the
Norwegian University of Science and Technology (NTNU), in Trondheim
Norway. He holds a PhD in Political Science and a Master of Science
in Petroleum Engineering from NTNU. He has extensive experience
working in the Norwegian petroleum industry, as a petroleum
engineer, researcher, and management consultant. Since 2009, he has
developed the research and consultancy company CPM and has worked
with clients to manage petroleum operations at the corporate level
as well as petroleum resources at the
national level.
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