Contractual Arrangements and Revenue Management: The Uk/Scotland and Norwegian Experience (Global Insights) (Essay) by Global Governance

Contractual Arrangements and Revenue Management: The Uk/Scotland and Norwegian Experience (Global Insights) (Essay)

By Global Governance

  • Release Date: 2011-04-01
  • Category: Politics & Current Events

Brief Description

Many new oil-producing countries are emerging--most of them developing countries. The lessons from the UK and Norway following the initial discovery of hydrocarbons in the 1960s offer interesting insights, with two very different approaches to resource extraction and two very different outcomes. This experience, briefly outlined in this essay, may inform policymakers in today's new oil-producing countries who are faced with important choices on how best to use their resource wealth and foster development. The framework to analyze contractual arrangements and revenue management revolves around three global cycles: the political cycle, the resource nationalist cycle, and the obsolescing bargain cycle. The political cycle refers to the view--usually driven by ideology--over the role of government in the allocation of economic resources within an economy. If it is believed that markets do not work efficiently because of market failure, governments should intervene. However, if it is believed that government intervention leads to a misallocation of resources, then markets should intervene--the so-called Washington Consensus. The resource nationalist cycle refers to the desire of governments to assert control over their natural resources together with their attitude toward foreign companies. The peak of the cycle would be a strong desire for control with xenophobic dimensions. This, in part, is driven by the magnitude of and need for oil revenues, which to a large extent are determined by oil mineral prices.

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