NSTA Announces Corporate Plan For 2022-2027

NSTA Announces Corporate Plan For 2022-2027
The North Sea Transition Authority has published its Corporate Plan, outlining its priority areas for the next five years.

The North Sea Transition Authority (NSTA) has published its Corporate Plan, outlining its priority areas for the next five years.

The previous plan was produced in 2019 and, since then, the NSTA has revised its strategy to fully incorporate net-zero into its work, alongside optimizing domestic production of oil and gas in the interest of energy security. The organization also changed its name – from the Oil and Gas Authority – to better reflect its growing role in the energy transition.

In addition, the UK upstream oil and gas industry is allocating more time and resources to lowering its carbon footprint, while continuing to provide secure supplies of oil and gas, with NSTA’s support.

The Corporate Plan sets out how the NSTA will support the industry and how it will be putting its strategy into action. It provides a clear operational framework allowing the NSTA to adapt to changing circumstances and identifies key performance indicators to measure success and hold the industry to account.

To deliver the plan, the NSTA will use its regulatory powers and growing range of capabilities. These include petroleum licensing rounds – considering the climate compatibility checkpoint, stewardship of new and existing production, management of consents, guidance and expectations, and benchmarking and monitoring.

There is a firm focus on realizing targets agreed in the North Sea Transition Deal, including halving production emissions, eliminating routine flaring by 2030, and making sure 50 percent of investment in new UKCS energy projects goes to UK suppliers.

The NSTA will also work closely with the government, industry, and other regulators on North Sea energy integration. The organization expects to see real progress on electrification, with at least two projects to be commissioned by 2027. The NSTA will also run the UK’s first carbon storage licensing round to support the capture of 20-30 million tons of CO2 per year by 2030.

The NSTA also shares high-quality data via its Digital Energy Platform and promotes good environmental, social, and governance standards to unlock value, encourage investment, and support jobs.

Importantly, the Corporate Plan emphasizes the organization’s values, which require it to be accountable, considerate, fair, and robust. These apply as much to engagement with external stakeholders as it does to work within the organization. 

“This Corporate Plan demonstrates the NSTA’s ongoing intent to lead with purpose, ensuring the UK oil and gas industry plays a crucial role in delivering net zero while bolstering the country’s energy resilience,” Andy Samuel, NSTA Chief Executive, said.

To contact the author, email username.eldina@gmail.com



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.