LONDON – Britain’s government has established the Oil and Gas Authority (OGA) as an independent government company.
This formalizes the transfer of the Secretary of State’s regulatory powers on oil and gas matters to the OGA, and grants it new powers, including dispute resolution, meetings access, and sanctions.
Information on the OGA’s website outlines obligations and issues guidance on how the authority intends to use these to support the UK offshore industry, promote good practice, and facilitate action.
In addition, the OGA now has a remit to work with industry to ensure cost-effective decommissioning.
Andy Samuel, chief executive, said: “Industry has made great strides to increase production, efficiency and collaboration, recognizing the need to compete for investment in a global market.
“Today marks a new chapter for the OGA. All the good work will carry on as we regulate, influence, and promote the oil and gas sector, working closely with industry and government.
“We will use our new powers strategically to help maximize economic recovery and increase collaboration, transparency, and pace of delivery. We are committed to helping industry capitalize on the potential 20 Bboe that remain.”
UK Government Secretary of State for Business, Energy and Industrial Strategy Greg Clark said: “As a government company the Oil and Gas Authority will have the powers it needs to be a strong, independent regulator and act with greater speed and flexibility to attract investment, support jobs and ensure that UK oil and gas remains a major player on the world stage.”