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Intergenerational Equity, the Public Trust Doctrine, Norway and North Sea Oil

Basu, Rahul (2020): Intergenerational Equity, the Public Trust Doctrine, Norway and North Sea Oil.

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Abstract

Norway’s management of its North Sea oil endowment, especially its future generations Oil Fund, is considered the global best practice. Some practice aspects such as no flaring of gas or a moderate pace of extraction go against standard economic theory. The public trust doctrine in law provides a useful lens to understand Norway’s model, and provides lessons for mineral owners world-wide.

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