ABERDEEN, UK – As of Oct. 1, the UK government will establish the Oil & Gas Authority as an independent regulator with new powers.
This will allow it to take action more quickly and with greater flexibility to help drive investment, support jobs, and further the UK’s competitive edge in the oil and gas industry.
Andy Samuel, OGA CEO, said: “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 [Maximizing Economic Recovery] in March and the Energy Act just two months later.
“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.”
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