Development of regulatory regimes for offshore petroleum exploitation: The 'North American' and 'North Sea' perspectives

Abstract

Following a survey of the international law aspects of offshore petroleum development, this chapter provides the first comparative functional analysis of the two key offshore petroleum regulatory systems: The 'North American' and the 'North Sea' systems. In so doing, this functional comparative analysis exposes the fundamental practical and philosophical differences in the North American and North Sea Systems. It provides a novel and detailed analysis of the convergences and distinctions between both systems, particularly considering the role of the state, the level of state intervention, and state participation and exploitation in petroleum activities. Finally, the chapter undertakes an examination of State allocation of access rights to enable petroleum development by international oil companies (IOCs).