Abstract
This chapter presents the main elements of the Norwegian oil and gas regime, as it was developed in the 1970s through to the 1990s. It then describes the transformation of this regime under the pressure of the European deregulation and the emergence of the new deregulated Norwegian gas market regime. The Norwegian government plays a major role in the actual development and operation of the petroleum industry. The European Union's energy deregulation initiatives posed major challenges for state involvement in managing and trading natural oil and gas reserves. The Norwegian Model has been characterized by four elements: (1) a regulatory framework with production contracts and development licenses, and special ground rent taxation regime to secure a national political appropriation of ground rent; (2) a strong direct government engagement via government-owned firms; (3) careful strategic planning and organization; and (4) measures to secure industrial return from oil activities were also a major part of the Norwegian model. This chapter ends with a brief discussion of how the regime transformation may affect the existing bargaining balance between supplier and consumer countries.
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