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Royalty

A charge on the volume or value extracted, paid regardless of profit. Levied by the states; most offshore gas in Commonwealth waters pays none.

RSPT

Resource Super Profits Tax, proposed in 2010 after the Henry Review; replaced by the...

Sovereign wealth fund

A public fund that invests resource revenue for the future. Norway’s Government Pension Fund Global is the largest.

State participation

The state owning part of the projects, as in Norway (Equinor, SDFI) or Qatar (QatarEnergy).