Petroleum resource management: The role of institutional frameworks and fiscal regimes in value creation : a comparative analysis for Norway and Nigeria

摘要

The petroleum industry plays a big role in the economy of oil-exporting countriessuch asNorway and Nigeria. So while the countries depend on their petroleumresource to literally“fuel the economy”, studies have shown that macroeconomicactivity andfluctuationsin oil prices are not significantly linked and thus do notcompletely describe the sector’s performance. It is therefore thatotherfactors, such asthe design of the institutional frameworks,could beinstrumental in driving thesector’s performance and creating value. As studies in resource management point toan institutional dimension, this paper explores the role of institutional frameworksaswell asfiscal regimes in deriving value from the petroleum resources for Norway andNigeria respectively.The countries are chosen because they share similarities in theorigins of their petroleum industries buthave since taken differentpathsto exhibitdiverse petroleum sector performance.The paper studies the factors that create, affect and negate valuecreation for Norwayand Nigeria in a qualitative sense to restrict the scope of the paper.The paper presentsa comparative study of gauging the factorsfor each country in its respective contextof creating value in the petroleum industry.