Surprisingly, the post-Macondo discussion about regulatory approaches has been largely devoid of value and cost-benefit assessments. While PSA has been praised for Norway’s outstanding offshore safety record, little attention has been paid to their relatively low regulatory costs.
According to data in the 2010 Annual Report, PSA has 161 employees, and had total operating expenses of NOK 202,762,689 ($US 38.1 million) for 2010. These modest cost and staffing numbers are particularly impressive when the magnitude and complexity of Norwegian offshore operations are considered. In March 2011, Norwegian oil production averaged 2.017 million barrels per day (no. 2 offshore oil producer slightly behind Brazil) and gas production averaged 11.6 billion cubic feet per day (world offshore leader). PSA is also responsible for onshore processing facilities.
PSA’s costs are relatively modest for the same reason that their regulatory program is successful. They hold companies responsible for managing their operations and conducting inspections. They don’t approve every detail of every operation, but focus on ensuring that the company management systems are effectively implemented. They identify risks and insist that industry address them. As Magne Ognedal said in his interview with BOE:
Our regulatory philosophy is indeed firmly based on the legislated expectation that those who conduct petroleum activities are responsible for complying with the requirements of our acts and regulations. Furthermore, our regulations require that they employ a management system that systematically probes and ensures such compliance at any time. The approach to achieving this should be risk-based. So, ensuring compliance with rules and regulations is the operator’s job – not ours.
In addition to managing the catastrophic risks associated with fires, explosions, and structural failures, chronic health and safety risks must also be effectively managed. 
Bud's Offshore Energy (BOE) 