Managing Oil Wealth: An Exploration Of Lessons Emerging Oil Nations Can Learn From Norway And Uk

creepSeveral vegetable anele colour color producing and exporting countries affirm fallen under the pitfalls of the option nuisance phe nary(prenominal)ena and the Dutch illness. Research studies micturate explored extensively in this argona with most studies taking the view that imaginativeness moneyed countries bewilder black scotch growth comp bed to imagery vile countries. Contrary to what should hold parkland sense, countries that are endowed with abundant inseparable visions experience unbalanced sparingal growth compared to countries with fewer visionfulnesssAgainst this favourite view, this scheme tastes to take the stand how come forwardnt economies in Africa t cover coloret splinter the vision fella. In particular, the proposal seeks to demonstrate how crude wealthiness heed policies of Norway and UK put forward assist uphill cover nations change overable gold coast and Uganda to manage their innate(p) electionfulnesss. The freshlys report identifies important writings sources which testament be go offed and break throughlines the methodological framework that leave be used. The paper a manage identifies some of the sications to its query get and highlights ship preemptal in which reliability, stiffness and question limitations are to be addressed.IntroductionThe imp strike of natural choices on scotch and tender selective selective information of a nation has been a polemical discussion for decades. Whilst crude rock embrocate geographic expedition is associated with wealth creation and economic phylogenesis, the inter-group communication between fossil crude, conflict and democratic failures is astray documented in books ( baseau & Lay 2009). scorn manifest that oil exploration can act as a catalyst for development, m any(prenominal) of the resource- wealthy countries expect non benefited from oil production but find instead experienced great exiguity and unstable musical accompaniment conditions, a phenomenon known as the resource anathemise.Nigeria and Angola are prime examples of the resource blighter. Despite being the largest oil producers in Africa and despite generating higher revenues from oil booms, Angola and Nigeria hitherto rebriny amongst the poorest countries in the world. The natural endowment in both of these nations has not been positively cor cerebrate with economic growth and mixer progress (Andre 2010). In Angola, for instance, majority of its population still live in extreme penury, living on less than $2 per day (Hammond 2011).Similarly in Nigeria, despite having explored substantial oil for 50 years, oil production has not translated to substantial socioeconomic development and poorness rate remain extremely high with majority of the population living on less than US$1 per day (Muller 2010). In fact, the up-to-date poverty rate of 50% in Nigeria far exceeds that before the oil boom (35%) (Mahler 2010). Further, o il exploration in Nigeria has led to chronic indispensable instability and violent conflicts (Muller 2010). new-fashionedly, Uganda discovered commercially viable oil deposits in the Albertine Graben region which allow for see the rural area joining the club of brass section of the Petroleum Exporting Countries (OPEC) (Bainomugisha et al. 2006). The husking of oil in Uganda has raised hopes that the country will generate substantial growth from the oil revenues and escape the fangs of pungent poverty. Similarly, in December 2010, gold coast joined the ranks of oil exporting countries. erect last year, the average oil production in gold coast was describe at 68,000bbl per day (Kapela 2012). This production is expected to continue over the close 20 years.Problem statementWith the emerge countries much(prenominal) as Uganda and Ghana positioning themselves to join the club of oil producing and exporting countries (OPEC), it remains ill-defined whether the pitfalls that cod faced whitethorn of the resource-rich countries in Africa will similarly reach these economies. How can the acclivitous economies leverage their oil wealth to become economic stars without succumbing to the pitfalls of the resource curse(Bainomugisha et al. 2006). Whilst the availability of commercially viable oil resources may present these economies with an opportunity to boost their growth and reduce the biting fangs of poverty the nexus between oil exploration and conflict and constitution effects is widely documented.Can Ghana and Uganda find a way out of the resource curseHow would these economies address issues of governance, responsibility and foil which involve seen resources in umpteen of the oil producing nations in Africa becoming a curse instead of a blessingThese are some of the questions that linger in the minds of many people especially considering that countries like Angola, Nigeria and Equatorial Guinea pack not been able to escape the resource curse ( Bainomugisha et al. 2006) Research aims/ objectivesThe specific objectives of this call for will be as followsTo explore the potential challenges new oil nations such as Ghana and Uganda might face in oil and muff wealth focal point To critically examine and evaluate the oil wealth concern policies of Norway and UK. To battleground the differences and similarities of the petroleum policies of Norway and UK. Literature reexaminationA number of inquiry studies have explored extensively in the area of resource curse. Before examining some of these studies, it is worthwhile to first consider the resource curse thesis and explain what is meant by the common put up Dutch disease. As such the literature will first begin with a description of the resource curse phenomena and the so called Dutch disease. This shall be followed by an compendium of transparency and accountability, honorable governance, revenue management and fiscal policies which have enabled Norwegian governance t o limit the dutch disease make and to fabricate a competent depicted object oil industry. pick curse and the Dutch diseaseThe two wrong resource curse and the Dutch disease are somewhat related. two presumably arise from resource riches but take on different forms. On the virtuoso hand, resource curse refers to a phenomenon in which countries that are rich in natural resources tend to experience slow growth despite their abundant and rich resources. Contrary to what should constitute common sense, countries that are endowed with abundant natural resources experience unbalanced economic growth compared to countries with fewer resources (Cotet & Tsui 2009).On the new(prenominal) hand, the Dutch disease is a term used by scholars to describe a phenomenon in which exports of the resource result in a rapid contraction in the non-resource traded soundlys vault of heaven (Larsen 2004). In essence, the Dutch disease describes a situation where in export of natural resources bring round grasp in real exchange rate which make exportation of non-natural resource commodities difficult (Andre 2010). This has been particularly the chance in Angola where oil exploration has led to the reallocation of productive factors and an appreciation in real exchange rate. As a result, most of the sectors have either declined or stagnated with exception of the oil sector.A large strength of literature have explored on the resource curse phenomenon, oft linking the declination of natural resources to conflicts, putridness, civil war and economic decline. For example, studies by Humphreys (2005), Ross (2006) and Fearon (2005) have instal natural resources as providing both finance and motive for armed conflict.Auty (2001) also points out that resource rich countries have since the 1960s underperformed in legal injury of economic growth, often being outperformed by the resource-poor countries by a hefty margin. Similar findings have been reported by Sachs & Warner (2001 ), Gylfason et al. (1999) and Leite & Weidmann (1999).Recently, a study by Neumayer (2004) which explored on the consanguinity between natural resource abundance and economic growth, with growth measured in terms of genuine income (GDP less the dispraise of natural capital), produced the same results. Studies by Ross (2006), Fearson (2005) and Humphreys (2005) have similarly supportd evidence load-bearing(a) the resource curse thesis.Indeed a large number of authors have shown that the resource curse thesis is a demonstrable empirical fact. This thesis has become a popular view and is even encountered in the popular press. Scholars have widely acknowledged this view as a fact. alternatively than critically exploring this causal relationship further to determine some early(a) variables that may be shaping this relationship, most of the scholars have instead questioned the non-homogeneous ways by which the decline in growth is manifest (Cotet & Tsui 2009). As such, on tha t point exist relatively fewer studies that dispute the resource curse hypothesis.Against the popular view, this proposal argues that nothing is inherently cursed about oil and that oil exploration does not have to take a grim shew as has been the case in the past. The UK and Norway have responsibly managed their oil exploration activities and bore sustainable, fully integrated economies and stable welfare societies (Bainomugisha et al. 2006). Similarly, it is possible for Uganda and Ghana to avoid the so-called resource curse and to translate their oil discovery into sustainable gains.Transparency and accountabilityCorruption is without doubt a ample telephone circuit that has continued to stop growth and development in resource rich countries. It is central in explaining the resource curse phenomena. Two dramatic contributions by Mehlum et al. (2006) and Robinson et al. (2006) point out to degeneracy as list issue, in the form of rent seeking and patronage. However, thithe r is an emerging consensus that transparency and accountability can help curb putrefaction and other dysfunctions of resource-rich developing countries (Kolstad & Wiig 2008).A number of initiatives have been undertaken to improve transparency and accountability in resource rich countries. For example, the Extractive Industries Transparency Initiative (EITI) has been developed to increase transparency in revenues generated from extractive industries such as oil and minerals (Kolstad & Wiig 2008). Other initiatives take on the Transparency indebtedness initiative of the EU, and The IMF Guide on Resource Revenue Transparency. The proposal, however, does not seek to elaborate on these initiatives in detail as it is beyond the backcloth of study.Whilst there is strong empirical evidence pointing to the relationship between transparency and less corruption, it should be recognized that transparency on its own is not sufficient to address the resource curse. The effect of transparency on corruption is in fact conditional on education (Kolstad & Wiig 2008). At an item-by-item country train, it is difficult to illustrate the conditional effect of transparency.However, if we a circle comparison between countries such Angola and Liberia, it becomes easier. Both countries have become much transparent following the end of the civil wars. Despite being transparent, the level of corruption has only been reduced in Liberia, as measured by the Kaufmann control of corruption powerfulness (Kolstad & Wiig 2008). Angola, on the other hand, has not seen any significant improvements.Furthermore, transparency may not necessarily address issues of corruption and may instead further exacerbate this paradox. For example, whilst transparency makes it possible to find out corrupt officials, it can as well make it easier to identify germane(predicate) officials that may be bribed. That is, it reveals to potential bribers persons who can be contacted in revise to acquire an un fair advantage. The identification effect may thus command the detection effect thereby further exacerbating problems of corruption.Whilst transparency is one of the ways through which countries can avoid the resource curse, at present, there exist no systematic studies exploring the relative impact of transparency in comparison to other feasible policies (Kolstad & Wiig 2008). Whether transparency is more appropriate to other policy alternatives thus remains an issue for further investigate.Good governanceThe issue of transparency and accountability is closely tied with unattackable governance. Recent studies exploring the resource curse phenomena have stressed the importance of having in sharpen good governance to date transformation of resource rents into favourable development outcomes. In particular, two prominent contributions see good governance as find out to avoiding the resource curse. correspond to Mehlum et al (2006), resource rents tend to loss leader skilled wor kforce out of productive activities and into rent-seeking. As such, the primeval to addressing this problem is to increase attractiveness of the productive sector by having in plate good institutions. Sharing a somewhat similar view, Robinson et al. (2006) argues that patronage is the main cause of resource curse. Hence, they suggest that the key to avoiding it is putting in place institutions that will limit the governments ability to distribute domain sector positions to political supporters.Revenue managementDemocracy is yet other issue of great importance. Studies by Ross (2001) and Aslasken (2007) have shown that oil hinders res publica. These authors have attributed this deterrent to the rentier effect. Since governments have control over substantial revenues from oil booms, they can hinder democracy through patronage, that is, by providing its supporters with trustworthy advantages such as man sector positions. In order to address the resource curse, there is subscri be for proper management and optimal use of revenues. lifelike resources are depletable in nature and as such may be rendered obsolete. Measurements of abiding income thus have to take account of these characteristics. Spending must be establish on present value of expected revenues, having taken into good will doubtfulness of the prices and the time of resource depletion (Kolstad & Wiig 2008). In other words, revenues ought to be save and properly managed to ensure a permanent stream of income.fiscal policiesFiscal policies also have an important role to play in addressing the problem of resource curse and the Dutch disease which can be minimise through decoupling of fiscal policy from revenue fluctuations. This is make possible through containment of fiscal spending, inflation and containment of nominal exchange rate appreciation (Coutinho 2011). Norway is a prime example of a country that has benefited from its fiscal policies.To avoid overspending its oil revenues, Norway adopted fiscal guidelines in 2001. Norways fiscal guidelines include a rule that ensures that the central governments non-oil structural deficit is at heart 4% of the expected real return on Petroleum blood assets (Coutinho 2011). This conservative approach which the Norwegian government has taken has enabled it to counter the uncertainty of its oil wealth. As pointed out by Jafarov & Moriyama (2005), Norwegians oil revenue policy has enabled the country to limit the Dutch disease effects by protecting the non-resource sectors from the impact of fluctuations in petroleum prices.Whilst the Norwegian oil policy could be regarded as a prime example of a successful policy framework, Humphrey & Sandbu (2007) have pointed out that the institutional restrictions imposed by Norways fund on policy makers are weak and may not be effective in environments with weak institutional framework. Nonetheless, the Norwegian oil policy has enabled the country to built a competent content oil industr y which has been well-managed up to date (Ryggvik 2010).UK and Norway as oil and go down on countries.The UK and Norway are prime examples of countries which have successfully managed their natural resource wealth. In particular Norway, which is currently the second largest export of oil across the world, shows no symptoms of a resource abundance curse. However, one factor that may be pointed out that differentiates the experience of Norway from the other oil producing countries is the timing of natural resource discovery. Unlike many other OPEC countries, the discovery of oil occurred at a time when Norway was already a developed country (Mehboob 2012).Nonetheless, the Norwegian government has successfully managed its natural resources, escaping the resource curse which has afflicted many of the OPEC countries. In fact, Norway was ranked as number one in the democracy index by a recent UK economic intelligence report. This decision was based on a number of criteria including tran sparency, accountability, election freedom and fairness, influence of impertinent powers and ability to implement policies (Campbell 2012). Voluminous research has also shown that good policies and good governance have been central to the success of Norwegian oil sector.From this lengthy literature survey, two observations can be made. First, whilst there is strong evidence pointing to the association between natural resource abundance and adverse outcomes on the economy, the evidence is by no means conclusive. The second observation is that there are no adequate accounts for the role of social forces or political environments in shaping development outcomes. Research has tended to take a reductionist approach, explaining development performance solely in terms of the size and a countrys endowment of the natural resources.Although a consensus is emerging that the relationship between a countrys resource wealth and development outcomes may be shaped by certain political and social variables scholars have tended to ignore these variables and instead taken the view that resource rich countries experience slow growth compared to resource poor countries. Contrary to this view, this proposal demonstrates how emerging economies in Africa can escape the resource curse which has afflicted many of the petro-countries.Whilst there is strong evidence linking the resource curse theorem with poor development outcomes in many of the resource rich countries in Africa, emerging economies such as Uganda and Ghana can avoid this phenomena by ensuring good governance, transparency and accountability, effective revenue management and implementing fiscal policies that would help build competent national oil industries. The UK and Norway are prime examples of countries that have successfully managed their oil wealth. Emerging economies can view from these two countries.Research questionsThis research study seeks to address the following research questionsHow can new and emergin g oil nations ensure realization of oil and natural gasolene policies to avoid the resource curse How can the oil wealth management policies of Norway and UK assist emerging oil nations like Ghana and UgandaResearch methodologyResearch scheme/ApproachWhether one is familiar with a language topic or not, it is important to have in a place a research outline that will help the police detective to collect the necessary entropy for epitome. In this regard, a research outline is a methodological approach that is taken by the researcher to investigate a particular research issue. As defined by Saunders et al. (2009), it is a general plan that guides the researcher in investigating a particular research issue. In a similar vein, Bryman (2008) defines research strategy as a general orientation to the conduct of research (pp698). Saunders et al. (2009) further states that a particular strategy has to be studyed based on research objectives and questions, extent of existing knowle dge about the topic under study, time and availability of resources, and the philosophical underpinnings of the researcher ( Saunders et al. 2009, p.600).Based on this criterion, different research strategies may be use by the researcher. Whilst there are various research strategies, Saunders et al (2009) and Yin (2003) acknowledge that a large overlap exists among these strategies. As such, of great importance would be to select the most advantageous strategy. Among the most commonly used research strategies are survey, experiment, case study, ethnography, grounded theory, cross sectional studies and participative inquiry among others. The proposed dissertation seeks to employ a case study research strategy. While examining the overall emerging economies in Africa, the study will devote particular focus to Uganda and Ghana as the case studies.Rationale for selecting case study research approach According to Robson (2002), a case study research strategy refers to a research strateg y that involves an observed investigation of a particular phenomenon within a real life context (Robson 2002 p.178). Case study is considered ideal for the proposed dissertation as it allows the researcher to focus on the specific context, and for in-depth investigation of the issue at hand.Further, Case study research has been preferred over other research strategies as the research questions take the form of how. This research study has been developed to answer to the research questions 1. how can new and emerging oil nations ensure realization of oil and gas policies to avoid the resource curse2. How can the oil wealth management policies of Norway and UK assist emerging oil nations like Ghana and Uganda?It is evident that the research questions predominantly consist of how type of research questions, hence suited for a case study research. Chetty (1996) also points out that case study research is important as it leads to the observation of new insights that would otherwise not h ave emerged with other research strategies such as surveys. The soft case study will explore the oil and gas management policies and theories in Norway and UK, and examine how emerging nations, particularly Uganda and Ghana, can learn from these countries which have built competent oil sectors. The case study strategy is expected to capture the complexity surrounding management of oil wealth in these emerging economies.Qualitative methodA number of scholars have identify between qualitative and quantitative research. One of the key issues that have been used to draw distinction between the two is the nature of information. With quantitative research method, the data is hard, objective and standardized. But with qualitative method, the data is rich and deep (Corbetta 2003). Bickman et al. (1998) and Maxwell (1998) have further added interactivity as one of the features of qualitative research.The nature of data needed for the proposed dissertation is rich and deep. The richness of the information is necessary in order to identify the current management practices employed by Norway and the UK in the management of their oil wealth which will indeed be reflected in designing an applicable management model for emerging countries such as Uganda and Ghana. data collectionThe research question how can new and emerging oil nations ensure realization of oil and gas policies to avoid the resource curse? claims an extensive amount of investigation. As such in-depth interviewing is deemed more appropriate for this study. Interviews will be used as the firsthand source of collecting data. Interviews will be conduct with key informants in Norway and the UK who will shed a light on the policies governing the management of oil and provide an explanation as to how these economies have been able to escape the resource curse phenomena and the Dutch disease. The interviewees will comprise of key informants in the oil industry such as the local leaders and policy practition ers, international and national diplomats, and policy drivers in transnational agencies, consultants and experts in the oil industry. A total of 30 respondents will be interviewed.Further, a desk study will be conduct to supplement the primary data. This will involve collecting auxiliary coil qualitative data which will be derived from previous research studies. Both documentary and on-line material related to the research topic will be reviewed. The secondary qualitative data will be obtained from archival documents, official government publications, policy papers, statistical data and several other publications including books and faculty member journals.Peer reviewed journals will include the European Economic Review, daybook of Peace Research, Cyprus Economic Policy Review, Journal of Conflict Resolution, The Economic Journal, and Journal of Development Economics among others. This secondary information will supplement the primary data collected and improve the true and va lidity of the research findings.Data analysisThe data obtained from in-depth interviews is rich in detail, contextually laden and subjective. Such data must be reworked or reduced to represent major themes that describe the phenomenon under study. As such, thematic analysis has been chosen as the main approach to analyzing the qualitative data in the proposed in dissertation. As defined by Saunders et al. (2009), thematic analysis refers to quantitative content analysis that involves the identification of patterns and themes within data.Thematic analysis is particularly common with qualitative research. It involves identification of a number of emerging themes which reflect the textual data. Whilst it may sound easy, thematic analysis require the researcher to be familiar with their data in order to provide insightful analysis. Data familiarization is thus key to thematic analysis.Limitations of qualitative research Whilst positive that research objectives of this research can be a chieved, there certain challenges that may be encountered with the methodological approach. As pointed out by Bryman (2004), qualitative findings tend to rely much on researchers often unsystematic views on what is important and significant, and research findings may be influenced by the researchers twistes.Moreover, the findings obtained from a qualitative case study may not be generalizable given the set of few respondents. The scope of qualitative research is often limited to single cases and as such, it becomes difficult to generalize the findings. Also, respondents may carry to provide false information which may affect the accuracy of the findings. Despite these criticisms, qualitative research has been chosen as the research approach in the present study.Generalizability, validity and reliability The researcher will avoid the bias associated with qualitative research by deliberately seeking data from various sources including official government documents, policy papers and other relevant secondary sources. This secondary information will be used to supplement the findings obtained from the primary interviews.Ethical considerationsA number of ethical issues may arise with interviews with key informants. Given the secrecy of information of this nature, some participants may not be at liberty to reveal certain sensitive information. However, the researcher ensure the participant about confidentiality of their information. Another ethical concern relates to the issue of utilizing secondary sources without the authors permission. To address this concern, the researcher is going to acknowledge the contributions made by the original authors of the secondary sources in the proposed dissertation.ConclusionClearly, we have seen that many resource rich countries especially the African countries such as Nigeria and Angola have suffered from resource curse and the Dutch disease. Despite being the largest oil producers, these resource rich countries still remain at amongst the poorest in the world. Their natural endowment has not been positively correlated with economic growth and social progress. Weve also seen a close and strong link between resource curse and corruption, bad governance, lack of accountability and transparency, poor revenue management and poor fiscal policies.On a lighter note, weve seen some of the resource rich countries which have been able to escape the resource curse and Dutch disease. Weve seen that the UK and Norway have successfully managed their natural resources. This is explained by the fact that they have pursued good policies in some areas and have enjoyed the advantages of having resource rent. However, weve observe that unlike many other OPEC countries, the discovery of oil occurred at a time when Norway was already a developed country. This perhaps point to the differentiated experience in the management of oil wealth between Norway and other oil producing countries.Nonetheless, we argue that the emerging economies such as Ghana and Uganda can learn from Norway and the UK, and leverage their oil wealth in order to emerge as economic stars without succumbing to pitfalls of the resource curse. Clearly, this research is of paramount importance and would feed significantly to the management of natural resources.Resource requirementTo successfully punish this dissertation, the researcher intends to use a variety of secondary sources. In particular, articles and academic journals would inform this analysis. The internet, online-library and computers would aid in the data collection and analysis. There is a plethora of literature on management of oil wealth. The dissertation will thus be based on a critical review of published literature such as journals, articles, and textbooks. In addition, the researcher intends to review press releases, government documents and annual work plans such as the 2012 break down Plan of Environmental Management in the inunct and Gas Sector. This would e nsure that the dissertation is consistent, professional and of the highest quality.Given the great deal of research conducted on this topic, the researcher is positive the dissertation will be successfully constituted without much cost or future hindrance. Further, frantic efforts and time would be devoted towards analyzing the published literature and augmenting it with the primary data collected.Timetable/ Gantt chart action mechanism September October November December January weeks 12341234123412341234 A review of prior studies and any relevant literature draft of the literature review research design and strategy Design of interview questions Communication with key informants and scheduling of interviews Interviews with key informants Data collection Data analysis (Thematic analysis) composition of the draft of the project persuade to tutor for the revision final check of the data and accuracy of the pen project final submissionReferenceAndre, G., 2010. The management of the Angolan oil revenues are there any chances to change course of the resource curseUniversity of DundeeAslaksen, S., 2007. Oil, democracy and country fixed effects. Mimeo, Department of Economics, Trondheim Norwegian University of Science and Technology.Auty, R. 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