OGA to Become Independent Regulator in October

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  TRACE Secures INPEX Deal, Creates Jobs (Jun 23)
 -  What Are the Qualifications to Become ... (Jun 23)
 -  SolstadFarstad Emerges After Company M... (Jun 22)
 -  Gas Leak at Gjoa (Jun 22)
 -  Total Energy Services Completes Savann... (Jun 21)


Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Contracts Administration|Planner / Scheduler|Project Management
Location: Henderson, CO
 
Logistics Supervisor
Expertise: Logistics Management
Location: Sugar Land
 
Landman / STEM Lease Specialist
Expertise: Landman
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $45.54/BBL 0.70%
Light Crude Oil : $43.01/BBL 0.63%
Natural Gas : $2.929/MMBtu 1.34%
Updated in last 24 hours