A Novel Model for Risk Regulations in the Offshore Oil and Gas Industry
Peer reviewed, Journal article
Published version
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https://hdl.handle.net/11250/3039120Utgivelsesdato
2022Metadata
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Originalversjon
Langøy, M. A., & Braut, G. S. (2022). A Novel Model for Risk Regulations in the Offshore Oil and Gas Industry. European Journal of Risk Regulation, 1-8. 10.1017/err.2022.24Sammendrag
Increasing interest from stakeholders has brought about a new emphasis on risk regulation in the oil
and gas industry. Our basis for this work is the offshore oil and gas industry, which is composed of
major operators, entrepreneurs and contractors working globally, but we focus on Norwegian and US
activities. The fundamental strategies, institutions, legal traditions and explanations of regulation
are reviewed and, together with empirical data, a novel model with the means of identifying “effective” regulation has been developed. The model presented here incorporates three dimensions: the
industry’s intentions; their resources and expertise and trust in the regulator (and vice versa: the
regulator’s trust in the industry); and the space where functional respective normative rules are
deemed most effective.