This is dangerous as if the resource is not worth, or if it is not managed well, the economy will collapse. Moreover, these other industries are equally beneficial for growth of the nation hence a country that concentrates its factors of production on the natural resource suffers the curse. Moreover, the natural resources that are discovered can be depleted. Therefore, a country or an economy dependent on the resource

Tax Law Oil and Gas is currently at the core of Russia's economy, even though there has been talk at the head of the Russian federation of intentions to attempt to move the economy from one which is based solely in these natural resources, to one which is based on rapidly evolving technology. Of course it will be at least a decade before movements and developments in this fashion are

Cross-Boundary Offshore Oil & Gas Resources Joint Development Agreements & Frameworks 1/6/2014 [Type the company name] User Table of Contents 1. Introduction 3 2. The rule of capture 3 3. The CooperationApproach 4 4. Legal framework to develop trans-boundary offshore O&G resources 5 4.1 Cross-border unitization agreements 6 4.2 Joint Development Agreements (JDA) 6 4.3 National law and its application in Co-operative Agreements 7 4.4 Bilateral treaties for trans-boundary oil and gas exploration 7 4.5 The Framework Agreement Approach 9 4.6 The Third Party approach

D.). Following this period of exploration one must tackle the seismic interpreters with their predictions and drill exploration wells. If these wells are on-shore, then the cost can be modest, but if the prospected reservoir is off-shore in ultra deep water, drilling a well is very expensive and it becomes an interesting strategy game to balance the risk of drilling a dry well against the risk of missing a big cat.

It was from this lesson that legislators began to understand the need to put away large percentages of their oil profits and to not depend so much on spending that cash flow. After the recession of the 1980s, Norway drastically re-examined its oil policy from both a fiscal and regulatory perspective. Up into the late 1980s, "foreign oil policy followed what was called a 'purely commercial line.' That is, it

8 billion, and primary metal manufactures, $1.4 billion (Exports pp). Together, these five manufactured product categories accounted for 61% of the state's total exports of goods in for that year (Exports pp). In dollar terms, the leading manufactured export growth category is transportation equipment, rising $294 million between 1999 to 2003, while others included miscellaneous manufactures, up $248 million, processed foods, up $192 million, and primary metal manufactures, up $171 million