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This chapter analyses different entitlements to natural resources and the extent to which state ownership implies a different or less intensive regulation than where such ownership is not the case. It will focus on the prime regulatory instruments used to transfer rights of utilization, and seeks to identify the differences as to the protection of those rights, if any. The topic will be illustrated by different civil law examples. The analysis will be limited to three groups of natural resources: (i) oil and gas; (ii) sand, stone and gravel; and (iii) wind and waves.