natgillin/translations-raw huggingface dataset:
Some of the changes that were introduced in US after Macondo were in line with the Norwegian system. 
Some of the changes that were introduced in US after Macondo were in line with the Norwegian system.
Petroleum policy 
Petroleum policy
The overall principle from the start has been that the petroleum resources shall be managed for the benefit of the Norwegian society as a whole. 
The overall principle from the start has been that the petroleum resources shall be managed for the benefit of the Norwegian society as a whole.
In line with this, the right to subsea petroleum deposits is vested in the State. 
In line with this, the right to subsea petroleum deposits is vested in the State.
It is our resources and the companies get ownership of the resources when they pass the topside of the installation. 
It is our resources and the companies get ownership of the resources when they pass the topside of the installation.
The companies then have the full right to dispose the equity resources. 
The companies then have the full right to dispose the equity resources.
Our compensation is secured through the taxation system, and some direct state investments. 
Our compensation is secured through the taxation system, and some direct state investments.
The goal is to maximize value creation through the licensing system, resource management, industrial development and research and development. 
The goal is to maximize value creation through the licensing system, resource management, industrial development and research and development.
We have a strong focus on health, safety and environment. 
We have a strong focus on health, safety and environment.
This is the foundation for all the activity. 
This is the foundation for all the activity.
The authorities and the population must be able to trust that petroleum activities take place in a safe and sustainable manner. 
The authorities and the population must be able to trust that petroleum activities take place in a safe and sustainable manner.
This is an important part of the companies’ licence to operate. 
This is an important part of the companies’ licence to operate.
Key principles of the Norwegian resource management system 
Key principles of the Norwegian resource management system
In addition to the issues mentioned, there are also some other principals related to our resource management. 
In addition to the issues mentioned, there are also some other principals related to our resource management.
First, the industry needs framework conditions formulating acceptable commercial incentives. 
First, the industry needs framework conditions formulating acceptable commercial incentives.
Investors in the oil and gas business face huge uncertainties. 
Investors in the oil and gas business face huge uncertainties.
Uncertainty about terms and contractual stability should therefore be minimized. 
Uncertainty about terms and contractual stability should therefore be minimized.
Predictability and transparency is important for the companies involved. 
Predictability and transparency is important for the companies involved.
So even with a relatively high total government take, Norway is competitive due to our resource base and stable framework conditions. 
So even with a relatively high total government take, Norway is competitive due to our resource base and stable framework conditions.
Second, clarity of the State’s different roles in the petroleum sector is crucial. 
Second, clarity of the State’s different roles in the petroleum sector is crucial.
We reap the economic rent from the petroleum resources through taxes and the State’s Direct Financial Interest (SDFI), and we are also the regulator. 
We reap the economic rent from the petroleum resources through taxes and the State’s Direct Financial Interest (SDFI), and we are also the regulator.
In addition, the State has ownership interests in Statoil, which is listed on stock exchanges in New York and Oslo. 
In addition, the State has ownership interests in Statoil, which is listed on stock exchanges in New York and Oslo.
The state’s role as an owner in Statoil must be – and is – separated from resource management. 
The state’s role as an owner in Statoil must be – and is – separated from resource management.
Third, we actively work to attract companies with international competence and experience. 
Third, we actively work to attract companies with international competence and experience.
The Norwegian petroleum adventure would not have been possible without the presence of foreign oil companies. 
The Norwegian petroleum adventure would not have been possible without the presence of foreign oil companies.
When the adventure started – in the late 1960s/early 1970s – Norway possessed no national expertise as a host nation for oil and gas. 
When the adventure started – in the late 1960s/early 1970s – Norway possessed no national expertise as a host nation for oil and gas.
Attracting international oil companies was both a necessary and successful strategy. 
Attracting international oil companies was both a necessary and successful strategy.
By using the Norwegian Continental Shelf as a laboratory for technological development, a Norwegian supply industry has been created. 
By using the Norwegian Continental Shelf as a laboratory for technological development, a Norwegian supply industry has been created.
This industry is now competing successfully all over the world. 
This industry is now competing successfully all over the world.
Fourth, national control is crucial. 
Fourth, national control is crucial.
To achieve this, a well educated and well-informed civil service is necessary, in combination with government involvement in each step of the petroleum activities. 
To achieve this, a well educated and well-informed civil service is necessary, in combination with government involvement in each step of the petroleum activities.
Let me explain this in a bit more detail. 
Let me explain this in a bit more detail.
Our main activities 
Our main activities
As you can see, national control is secured in all phases of oil and gas activities on the Norwegian Continental Shelf. 
As you can see, national control is secured in all phases of oil and gas activities on the Norwegian Continental Shelf.
· Before the opening of new areas on the Norwegian Continental Shelf for petroleum activities, a strategic impact assessment is made and a public consultation takes place. 
· Before the opening of new areas on the Norwegian Continental Shelf for petroleum activities, a strategic impact assessment is made and a public consultation takes place.
Parliament takes the final decision. 
Parliament takes the final decision.
· The government awards production licences . 
· The government awards production licences .
Before this is done, there is a public consultation of blocks to be announced. 
Before this is done, there is a public consultation of blocks to be announced.
· The government also approves plans for development and operations of oil and gas fields. 
· The government also approves plans for development and operations of oil and gas fields.
Impact assessments must be made and also here it is a public consultation. 
Impact assessments must be made and also here it is a public consultation.
· For pipelines and other facilities, the government approves plans for installation and operation . 
· For pipelines and other facilities, the government approves plans for installation and operation .
And again there are impact assessments and public consultations. 
And again there are impact assessments and public consultations.
· When fields and facilities are decommissioned, the government approves the decommissioning plans . 
· When fields and facilities are decommissioned, the government approves the decommissioning plans .
And once again there are impact assessments and public consultation. 
And once again there are impact assessments and public consultation.
Let me underline that in all public consultations, this implies consultation both with other relevant Ministries and Governmental bodies – as well as any interested party. 
Let me underline that in all public consultations, this implies consultation both with other relevant Ministries and Governmental bodies – as well as any interested party.
Stepwise opening of new areas 
Stepwise opening of new areas
No petroleum activity is allowed until an area has been formally opened for petroleum activities. 
No petroleum activity is allowed until an area has been formally opened for petroleum activities.
We have gradually and prudently opened up new areas for petroleum activity since 1965. 
We have gradually and prudently opened up new areas for petroleum activity since 1965.
First we opened up in the southern parts of the North Sea, and then we have gradually moved north and opened up new areas for petroleum activity in the Norwegian Sea and Barents Sea. 
First we opened up in the southern parts of the North Sea, and then we have gradually moved north and opened up new areas for petroleum activity in the Norwegian Sea and Barents Sea.
Last time the Parliament decided upon opening a new area was in 1994. 
Last time the Parliament decided upon opening a new area was in 1994.
Opening up new areas have been done stepwise. 
Opening up new areas have been done stepwise.
At present, we have two opening processes ongoing: 
At present, we have two opening processes ongoing:
Recently, the Government recommended an opening of the South-eastern parts of the Barents Sea. 
Recently, the Government recommended an opening of the South-eastern parts of the Barents Sea.
This was made possible following a Norwegian-Russian delimitation agreement in 2010. 
This was made possible following a Norwegian-Russian delimitation agreement in 2010.
The government is also working on opening up the area around the island of Jan Mayen in the Norwegian Sea. 
The government is also working on opening up the area around the island of Jan Mayen in the Norwegian Sea.
By doing it this way, we gain geological knowledge, experience and technological developments before we move into new areas. 
By doing it this way, we gain geological knowledge, experience and technological developments before we move into new areas.
The Norwegian licensing system 
The Norwegian licensing system
A few words about our licensing system: 
A few words about our licensing system:
The Norwegian licensing system is not a system based on auctions, but a discretionary system. 
The Norwegian licensing system is not a system based on auctions, but a discretionary system.
We use the oil companies as “agents” to create values within our framework. 
We use the oil companies as “agents” to create values within our framework.
As is the case in our opening processes, stepwise opening of areas and exploration are keywords in our licensing system. 
As is the case in our opening processes, stepwise opening of areas and exploration are keywords in our licensing system.
We have two different licensing rounds. 
We have two different licensing rounds.
In frontier areas – where stepwise exploration is important – we use so-called numbered rounds. 
In frontier areas – where stepwise exploration is important – we use so-called numbered rounds.
Now, we are working with the 22. licensing round. 
Now, we are working with the 22. licensing round.
In mature areas – where the geology is well-known – we use yearly Awards in Predefined Areas, the so-called APA rounds. 
In mature areas – where the geology is well-known – we use yearly Awards in Predefined Areas, the so-called APA rounds.
In mature areas there is no need to use stepwise exploration, as geology is assumed to be well-known. 
In mature areas there is no need to use stepwise exploration, as geology is assumed to be well-known.
In these areas it is important to find and produce the resources before existing infrastructure shuts down. 
In these areas it is important to find and produce the resources before existing infrastructure shuts down.
Before a numbered round is announced, there is a process of nomination. 
Before a numbered round is announced, there is a process of nomination.
In this process, oil companies nominate blocks they find interesting. 
In this process, oil companies nominate blocks they find interesting.
We do an evaluation of the nominations and based on this – and on our own evaluation – we suggest an announcement of blocks. 
We do an evaluation of the nominations and based on this – and on our own evaluation – we suggest an announcement of blocks.
This is then subject to a public hearing, before the government makes its decision about which blocks the companies may apply for. 
This is then subject to a public hearing, before the government makes its decision about which blocks the companies may apply for.
Based on applications from single companies or a group of companies the authorities award production licenses to groups of companies. 
Based on applications from single companies or a group of companies the authorities award production licenses to groups of companies.
A production license confers an exclusive right to exploration for petroleum, exploration drilling and production of petroleum within the license area 
A production license confers an exclusive right to exploration for petroleum, exploration drilling and production of petroleum within the license area
The licensee becomes the owner of his proportionate share of the petroleum produced. 
The licensee becomes the owner of his proportionate share of the petroleum produced.
Licencing policy – Compete & Cooperate 
Licencing policy – Compete & Cooperate
The award of production licenses is based on 
The award of production licenses is based on
· geological understanding 
· geological understanding
· technical expertise 
· technical expertise
· financial strength 
· financial strength
· experience with the oil company 
· experience with the oil company
Oil companies compete to be awarded license. 
Oil companies compete to be awarded license.
Awards are on non-discriminatory basis. 
Awards are on non-discriminatory basis.
We do not discriminate between Norwegian or foreign companies. 
We do not discriminate between Norwegian or foreign companies.
We award to the companies with the best applications, provided that the company fulfils the requirements. 
We award to the companies with the best applications, provided that the company fulfils the requirements.
This is a system which has proven very successful. 
This is a system which has proven very successful.
It is important with a plurality of ideas and internal checks and balances in a production license. 
It is important with a plurality of ideas and internal checks and balances in a production license.
Therefore we award a licence to a group of companies, and we make sure that each company has a real influence in the license. 
Therefore we award a licence to a group of companies, and we make sure that each company has a real influence in the license.
We want the joint venture to maximize the value in the production license. 
We want the joint venture to maximize the value in the production license.
Risk, cost and profit is shared between the licensees (including the State) in accordance with their participating interest in the joint venture. 
Risk, cost and profit is shared between the licensees (including the State) in accordance with their participating interest in the joint venture.
As mentioned, the State participates through the State’s Direct Financial Interest. 
As mentioned, the State participates through the State’s Direct Financial Interest.
Government cash flow from the petroleum industry 
Government cash flow from the petroleum industry
The state receives cash flow from the petroleum industry from several sources. 
The state receives cash flow from the petroleum industry from several sources.
However, there are two main sources of capturing the economic rent: Taxes and the State’s Direct Financial Interest (SDFI). 
However, there are two main sources of capturing the economic rent: Taxes and the State’s Direct Financial Interest (SDFI).
As you can see, the dividend from Statoil is not a major source of income, but Statoil is of course taxed. 
As you can see, the dividend from Statoil is not a major source of income, but Statoil is of course taxed.
There is also some income from environmental taxes and area fees, but they are relatively small. 
There is also some income from environmental taxes and area fees, but they are relatively small.
Norwegian Petroleum Tax System 
Norwegian Petroleum Tax System
Let me give you a couple of comments on our tax system. 
Let me give you a couple of comments on our tax system.
There is an extraordinary return by production of the natural resources. 
There is an extraordinary return by production of the natural resources.
Hence, the government as resource owner should capture its economic rent by taxing the oil companies. 
Hence, the government as resource owner should capture its economic rent by taxing the oil companies.
That is why we have a special tax rate at 50 percent in addition to the normal corporate tax rate of 28 percent. 
That is why we have a special tax rate at 50 percent in addition to the normal corporate tax rate of 28 percent.
The income of the companies is calculated based on a norm price, which the Ministry sets for the different qualities of oil. 
The income of the companies is calculated based on a norm price, which the Ministry sets for the different qualities of oil.
With the norm price we avoid the problem of internal pricing in multilateral companies. 
With the norm price we avoid the problem of internal pricing in multilateral companies.
Our tax system is neutral: Projects that are profitable before tax are also profitable after tax. 
Our tax system is neutral: Projects that are profitable before tax are also profitable after tax.
This means that the companies can deduct all costs at the same rate as we tax the income – through net profit tax. 
This means that the companies can deduct all costs at the same rate as we tax the income – through net profit tax.
The tax system has been stabile over great many years providing predictability for the oil companies. 
The tax system has been stabile over great many years providing predictability for the oil companies.
The tax system is company based. 
The tax system is company based.
There is no ring fencing, and full consolidation between licenses. 
There is no ring fencing, and full consolidation between licenses.
There are no signature bonuses, and no royalty. 
There are no signature bonuses, and no royalty.
Investments are depreciated at a high rate – six years linear. 
Investments are depreciated at a high rate – six years linear.
There is an uplift allowance against special tax: 22 percent of investments. 
There is an uplift allowance against special tax: 22 percent of investments.
Losses can be carried forward with interest. 
Losses can be carried forward with interest.
The neutrality implies that the government and company have the same incentive to maximise value. 
The neutrality implies that the government and company have the same incentive to maximise value.
You might say that through the tax system the state is a sleeping partner in all licenses. 
You might say that through the tax system the state is a sleeping partner in all licenses.
In 2005, we introduced a system where companies can get the tax deficit from exploration paid out annually. 
In 2005, we introduced a system where companies can get the tax deficit from exploration paid out annually.
This has only a marginal cost for the state, but hugely improves the cash need for companies in the exploration phase. 
This has only a marginal cost for the state, but hugely improves the cash need for companies in the exploration phase.
The State’s Direct Financial Interest (SDFI) 
The State’s Direct Financial Interest (SDFI)
The Government holds shares directly in oil and gas fields, pipelines and land-based plants. 
The Government holds shares directly in oil and gas fields, pipelines and land-based plants.
This is a cash-flow-system, not a legal entity. 
This is a cash-flow-system, not a legal entity.
It is part of the fiscal budget. 
It is part of the fiscal budget.
Petoro – the government owned limited company – is the business manager of the portfolio. 
Petoro – the government owned limited company – is the business manager of the portfolio.
The Ministry of Petroleum and Energy is the owner of Petoro, whereas the Ministry of Finance is the owner of the SDFI-portfolio. 
The Ministry of Petroleum and Energy is the owner of Petoro, whereas the Ministry of Finance is the owner of the SDFI-portfolio.
Petoro handles revenues and cost as any other company in the license. 
Petoro handles revenues and cost as any other company in the license.
The State’s Direct Financial Interest is funded over the State Budget. 
The State’s Direct Financial Interest is funded over the State Budget.
The net cash flow from the SDFI portfolio is transferred to the Government Pension Fund – Global. 
The net cash flow from the SDFI portfolio is transferred to the Government Pension Fund – Global.
The estimated value of the SDFI-portfolio is today about 200 billion US dollar. 
The estimated value of the SDFI-portfolio is today about 200 billion US dollar.
Petoro 
Petoro
I have already mentioned Petoro. 
I have already mentioned Petoro.
As you understand, this is a 100 % government owned limited company. 
As you understand, this is a 100 % government owned limited company.
It is the business manager of the SDFI portfolio. 
It is the business manager of the SDFI portfolio.
The Ministry of Finance owns the portfolio. 
The Ministry of Finance owns the portfolio.
Petoro is relatively small, and has some 70 employees. 
Petoro is relatively small, and has some 70 employees.
There are no dividends or tax liability, and Petoro is not an operator. 
There are no dividends or tax liability, and Petoro is not an operator.
My Ministry pays Petoro through our budget. 
My Ministry pays Petoro through our budget.
Petoro does not apply for new licences. 
Petoro does not apply for new licences.
Ministry of Petroleum and Energy keep SDFI-shares where we want to capture extra economic rent. 
Ministry of Petroleum and Energy keep SDFI-shares where we want to capture extra economic rent.
Statoil 
Statoil
Today Statoil is treated like any other company on the Norwegian Continental Shelf. 
Today Statoil is treated like any other company on the Norwegian Continental Shelf.
They have no preferential treatment on the NCS. 
They have no preferential treatment on the NCS.
They apply and compete for licenses and they pay taxes like all other companies. 
They apply and compete for licenses and they pay taxes like all other companies.
Dividend from Statoil is part of government take. 
Dividend from Statoil is part of government take.
The Ministry of Petroleum and Energy act only as an owner. 
The Ministry of Petroleum and Energy act only as an owner.
Statoil was established as a national oil company in 1972. 
Statoil was established as a national oil company in 1972.
In 2001 it was privatised and listed on stock exchanges in Oslo and New York. 
In 2001 it was privatised and listed on stock exchanges in Oslo and New York.
The Government holds a 67 % stake in Statoil 
The Government holds a 67 % stake in Statoil
MPE acts as a shareholder the following way: 
MPE acts as a shareholder the following way:
· The Ministry acts in General Meeting or assembly 
· The Ministry acts in General Meeting or assembly
· We follow up deliveries in strategy, financial and operational results and dividend. 
· We follow up deliveries in strategy, financial and operational results and dividend.
There are quarterly one-to-one meetings with Statoil management. 
There are quarterly one-to-one meetings with Statoil management.
· The Ministry is represented in the nomination committee, which proposes members to the non-executive board and to the corporate assembly. 
· The Ministry is represented in the nomination committee, which proposes members to the non-executive board and to the corporate assembly.
The Government Pension Fund Global and the fiscal rule 
The Government Pension Fund Global and the fiscal rule