The OGA will be established as an independent regulator by the UK Government as of October 1, receiving new powers in the process.
As a result of its new status, the OGA will be able to act with greater speed and flexibility to “drive investment, support jobs and further the UK’s competitive edge in the oil and gas industry,” according to an OGA statement.
“Over the last year, we have worked closely with our colleagues in the Department for Business, Energy and Industrial Strategy and other government departments to put in place the legislative and regulatory foundations to support OGA’s transition to an independent government company (GovCo), including the passing of the MER UK Strategy in March and the Energy Act just two months later,” said Andy Samuel, OGA chief executive.
“GovCo status formalizes our position as a strong and effective authority with a full suite of regulatory powers to have a positive, transformational effect. Like industry, we are bound by the obligations of the MER UK Strategy, and will continue to deliver on our priorities to drive collaboration, influence and promote the remaining prospectivity of the UKCS,” he added.
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