LONDON, UK — Oil & Gas UK has welcomed the inclusion of an Energy Bill as part of Britain’s 2015–2016 parliamentary legislative session.
New CEO Deirdre Michie said: “This bill will formally establish the Oil & Gas Authority (OGA) as an independent, government company (GovCo). The OGA is a critical catalyst for the work being done to sustain offshore activity [in UK waters].
“We look forward to receiving further details of this new legislation when the bill is published, that will complete the implementation of Sir Ian Wood’s recommendations for MER UK (Maximising Economic Recovery from the UK continental shelf).
“We are at a critical stage in the history of UK offshore oil and gas development and bold steps need to be taken now to ensure strong activity continues into the future. Oil & Gas UK is dedicated to continuing its engagement with the OGA and HM Treasury, forming a tripartite approach to maximizing economic recovery of the UK’s substantial remaining oil and gas reserves, as recommended in the Wood Report and agreed by all major parties, bringing through the change that is so urgently required.”