CELEX: 11994N/PRO/04
Language: en
Date: 1994-06-24 00:00:00
Title: ACT concerning the conditions of accession of the Kingdom of Norway, the Republic of Austria, the Republic of Finland and the Kingdom of Sweden and the adjustments to the Treaties on which the European Union is founded, Protocol No 4 - on the petroleum sector in Norway

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11994N/PRO/04

ACT concerning the conditions of accession of the Kingdom of Norway, the Republic of Austria, the Republic of Finland and the Kingdom of Sweden and the adjustments to the Treaties on which the European Union is founded, Protocol No 4 - on the petroleum sector in Norway  

Official Journal C 241 , 29/08/1994 P. 0353

Protocol No 4on the  petroleum sector in NorwayTHE HIGH CONTRACTING PARTIES, RECOGNIZING the major impact of the petroleum sector on the Norwegian economy and the development  of its society, HAVE AGREED as follows:THEY TAKE NOTE that the EC Treaty in no way prejudices  the rules in Member States governing the system of property ownership; THEY RECALL that Member States have sovereignty and sovereign rights over petroleum resources; THEY RECOGNIZE to this effect that Member States have: (a)  the right to State participation in petroleum activities and to appoint a legal entity to  manage that participation; (b) exclusive rights to resource management, inter alia exploration and exploitation policies, the  optimalization of development and production and the rate at which petroleum resources may be  depleted or otherwise exploited; (c) exclusive rights to specify and levy taxes, royalties or other financial payments payable by  virtue of such exploration and exploitation, and REAFFIRM that the exercise of such rights by Member States must be in accordance with the  Treaties and the other provisions of Community law.