The notion of “shared water policy” lies at the centre of the new NC water policy. Though it conveys an idea of commons, the new NC water policy is hybrid as it combines governmentality (measurement and calculation) and commons as analytical lenses offers a new perspective on emerging tensions related to water policy and the difficulties water managers and policy-makers face in crafting institutional innovations. This chapter first explores the conceptual rationale of the “shared water policy” and proposes a conceptual approach of water policy as a water-centered assemblage. Then, the focus on water policy “from below” follows the encounters of local and indigenous water conceptions and practices with new water assemblages driven by mining extraction and governmental anchoring in different localities in NC. It analyses the colonial legacy, exploring the structure, linkages, tensions and gaps between “traditional water” and “modern water” through these encounters. The case study approach ultimately highlights how local water policy entangles elements of governmentality, commodification and the commons against the background of localized fault-lines, memories and expectations.