A new Energy Act that will help the Oil and Gas Authority to “better support” the North Sea industry has come into law.
The Energy Act will create the framework to formally establish the OGA as an independent regulator, taking the form of a government company, so that it can act with greater flexibility and independence. It will the OGA new powers, such as access to external meetings, data acquisition and retention, dispute resolution, and sanctions. It also enables the transfer of the Secretary of State’s existing regulatory powers in respect of oil and gas to the OGA. The Secretary of State’s environmental regulatory functions in relation to oil and gas, however, are not transferred to the OGA.
“By strengthening the Oil and Gas Authority and giving it powers to drive greater collaboration and efficiency in the industry, this Act shows that the broad shoulders of the UK are committed to helping our oil and gas industry attract investment, support jobs and remain competitive for the future,” said Secretary of State for Energy and Climate Change, Amber Rudd, in a government statement.
“We welcome the news that the Energy Bill has now received Royal Assent. This is an important step in establishing the OGA as an independent government company with the necessary powers, working closely with the industry and government to help maximize the economic recovery of the UK’s oil and gas resources,” added Andy Samuel, chief executive of the OGA.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.