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The Norwegian Government has since 1965 requested licensees on the Norwegian Continental Shelf to provide a parent company guarantee for the obligations they may incur in relation to the petroleum activities. The authority to make such a request is presently found in Section 10-7 of the Act 29 November 1996 No. 72 relating to petroleum activities (“PAA”). The Government uses a model guarantee text that has been unaltered since 1979. In recent months this parent company guarantee has been the subject of both dispute and development.
In this newsletter, we highlight the key issues and the possible implications. Read the newsletter here.