About Oil and gas authority
The Oil and Gas Authority (OGA) is a government agency that was established in 2015 to regulate, influence, and promote the UK's oil and gas industry. The OGA works closely with the North Sea Transition Authority (NSTA), which is responsible for ensuring that the UK gets the maximum economic benefit from its oil and gas reserves.
The OGA's primary objective is to maximize economic recovery of oil and gas from the UK Continental Shelf (UKCS). To achieve this goal, they work with industry stakeholders to encourage investment in exploration, development, production, and decommissioning activities. They also provide regulatory oversight to ensure that operators comply with safety standards and environmental regulations.
One of the key initiatives undertaken by the OGA is their Asset Stewardship Strategy. This strategy aims to improve collaboration between operators on shared infrastructure assets such as pipelines or platforms. By doing so, it reduces costs for individual companies while maximizing overall recovery from these assets.
Another important initiative undertaken by the OGA is their Data Strategy. This strategy aims to improve access to data across all stages of exploration, development, production, and decommissioning activities. By doing so, it enables better decision-making by industry stakeholders while reducing costs associated with duplicate data collection efforts.
The OGA also plays a critical role in promoting innovation within the UK's oil and gas industry. They do this through initiatives such as their Technology Leadership Board which brings together industry experts to identify technology gaps that need addressing.
In addition to these initiatives aimed at maximizing economic recovery from existing reserves on the UKCS; The Oil & Gas Authority has been working towards decarbonisation goals set out by government policy makers since 2020 when they were given new powers under Energy Act 2020 . These powers include setting targets for carbon capture usage storage (CCUS) deployment rates across different sectors including power generation , industrial processes , transport etc .
Overall , The Oil & Gas Authority is a critical agency that plays a vital role in ensuring the UK's oil and gas industry remains competitive and sustainable. Through their various initiatives, they are working to maximize economic recovery from existing reserves while promoting innovation and decarbonisation efforts. Their work is essential for ensuring that the UK continues to benefit from its oil and gas resources while also meeting its climate change commitments.