The OGA - one year on: a UK oil and gas industry regulation round-up
On 1 October 2017, the OGA celebrated its first anniversary as an independent regulatory body. A year ago many of the Secretary of State’s functions in relation to the oil and gas industry were transferred as most of the relevant sections of the Energy Act 2016 came into force. The shift from ‘light touch’ regulation under DECC to the fully-resourced, better-armed approach recognised today, has birthed a raft of new strategies, expectations, reviews, consultations and publications. The OGA’s aim of maximising economic recovery is supplemented by a range of new powers to help achieve the more efficient extraction of hydrocarbons from the UK Continental Shelf (UKCS). The following publication reflects on the significant changes introduced a year ago and how they have affected the oil and gas industry in the UKCS.