Einar Steensnaes The Oslo Center for Peace and Human Rights IDEA Annual Democracy Forum Gaborone, Botswana 24-25 November 2014.

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Presentation transcript:

Einar Steensnaes The Oslo Center for Peace and Human Rights IDEA Annual Democracy Forum Gaborone, Botswana November 2014

Norway – a major oil&gas producer

Legislation Taxation Security Safety Environment Climate Cessation

Public-private partnership The Norwegian experience: A well balanced cooperation with private sector

Public-private partnership The Norwegian experience: A well balanced cooperation with private sector :

Public-private partnership The Norwegian experience: A well balanced cooperation with private sector : : (50 pct) + (50 pct)

Public-private partnership The Norwegian experience: A well balanced cooperation with private sector : : (50 pct) + (50 pct) : (Flexible shares) +

Public-private partnership The Norwegian experience: A well balanced cooperation with private sector : : (50 pct) + (50 pct) : (Flexible shares) : partly privatised + 67 pct 100 pct

Licencing system in Norway Oil Companies vs the Government 100 % 0 % Company activities Government activities Exploration DevelopmentProduction

A fair distribution between citizens – Transparency – Improving living conditions for all A fair distribution between generations – Avoid overspending & overheating of economy – Apply good governance – Take into consideration environment and climate

Established in 1990 Manager: The Norwegian Central Bank Investments in non-Norwegian financial instruments (equities, bonds, money market instruments) and real estate 46 developed and emerging markets

Norway

National Insurance liabilities for retirement pensions ~900 bill USD

The Global fund – flow of capital State Budget Fund Revenues Expenditures

State Budget Fund 680 bill USD Return on investments Revenues Expenditures 195 bill USD Petroleum revenues 63 bill USD 168 bill USD ?

The transfer of money from the Fund, should not exceed 4 pct of the Fund’s capital annually

State Budget Fund 610 bill USD Return on investments Revenues Expenditures 168 bill USD Petroleum revenues 63 bill USD 4% ~ 24 bill USD 144 bill USD

GOOD GOVERNANCE PRINCIPLES ACCOUNTABILITYRULE OF LAWTRANSPARENCYINCLUSIONIMPARTIALITYSUSTAINABILITY

The Oslo Center