Oil and Gas Authority
The Oil and Gas Authority’s role is to regulate, influence and promote the UK oil and gas industry in order to achieve their statutory principal objective of maximising the economic recovery of the UK’s oil and gas resources. [1] Established in April 2015 as an executive agency of the Department for Business, Energy and Industrial Strategy, on 1 October 2016 the OGA was incorporated as a Government Company, with the Secretary of State for Business, Energy and Industrial Strategy the sole shareholder. The OGA's headquarters are in Aberdeen with another office in London, which is also their registered company address.
History
In June 2013, the UK government asked Sir Ian Wood of Wood Group to conduct a review into maximising the recovery of oil and gas from the UK Continental Shelf. One of the recommendations of the Wood Review was the creation of an independent economic regulator for the sector.[2] Subsequently the OGA was launched on 1 April 2015 as an executive agency of DECC. The Energy Act 2016 , which received Royal Assent in May 2016, created the legislative framework to formally establish the OGA as a government company, limited by shares under the Companies Act 2006,with the Secretary of State for Business, Energy and Industrial Strategy the sole shareholder. The Energy Act 2016 also provided the OGA with new regulatory powers, including the ability to participate in meetings with operators, to have access to data, provide dispute resolution and introduce a range of sanctions such as enforcement notices and fines of up to £1 million.
References
- ↑ https://www.ogauthority.co.uk/. Missing or empty
|title=(help) - ↑ "Wood Review". Wood Review. Retrieved 9 August 2015.