Business Impact Target (BIT)
Business Impact Target (BIT)
As a statutory regulator, the Oil and Gas Authority is required to publish an assessment of the economic impact on business of changes to regulatory policies and practices which are in scope of the Business Impact Target (BIT).
The OGA is required to publish:
- BIT assessments for qualifying regulatory provisions (QRPs) along with the BIT score
- a summary of non-qualifying regulatory provisions (NQRPs), that fall within the administrative exclusions set out in the written ministerial statement
An independent verification body, the Regulatory Policy Committee (RPC) has been appointed to validate the estimates of the economic impact on business for the QRPs and to confirm the status of measures that are NQRPs.
Summary of OGA QRPs
All of the OGA's regulatory provisions have been assessed and are within the +/- £5million Equivalent Annual Net Direct Cost to Business (EANDCB) De Minimis threshold. This means there are no QRP's identified for the 2017 - 2018 BIT reporting period.
Summary of NQRPs