Energy Bill re-confirms support for North Sea Oil & Gas
The UK Government has pledged to continue supporting the development of the oil and gas industry in the North Sea, reports Energy Live News today (10th July 2015)
It has set out the details in the Energy Bill published today.
DECC aims to formally establish the Oil and Gas Authority (OGA) as an independent regulator, which will take the form of a government company. The OGA will be in charge of:
- regulation of domestic oil
- gas recovery and asset stewardship
The Energy Secretary’s existing regulatory powers on oil and gas will be transferred to the OGA.
“These new powers will enable the OGA to maximise the economic recovery of oil and gas reserves from UK waters by enabling it to participate in meetings with operators, facilitate commercial discussions to help secure critical North Sea infrastructure, have access to data and provide dispute resolution”, DECC stated.
The First Reading of the Bill took place yesterday in the House of Lords and the Second Reading is scheduled for 22nd July.
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