During the Secretary of State for Business, Energy and Industrial Strategy Greg Clark’s visit to Aberdeen today, it has been announced that as of 1st October 2016, the OGA will be established as an independent regulator by the UK Government and receive new powers that will mean it can act with greater speed and flexibility to drive investment, support jobs and further UK’s competitive edge in the oil and gas industry.
“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.
“GovCo status formalises 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.”
Notes to editors:
- There are still a number of matters which must be concluded before the OGA formally becomes a Government Company (GovCo). Vesting is the phrase we use to describe the process.
- This process consists of completing a number of final regulations and administrative issues.
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Source: Gov.uk (Contains public sector information licensed under the Open Government Licence v3.0.)