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
The following table shows a list of BIT assessments validated by the RPC. The OGA will publish verified BIT Assessments and accompanying BIT scores at regular intervals throughout each BIT Annual Reporting Period.
|
Title of measure |
Description of measure |
Date of measure |
BIT score (£ millions) |
RPC Rating |
RPC reference number |
|
The OGA introduced a new annual “UK Continental Shelf (UKCS) Stewardship Survey” (the Survey). Completion of the Survey is a statutory requirement upon industry operators and licensees under the new regulatory powers (Section 34 of the Act). |
16th November 2016 |
£2 million |
RPC17-DECC-OGA-3938(1) |
||
|
OGA Guidance documents |
The OGA has issued new guidance and amended previous guidance in order to convey and clarify the procedures with regard to its new and existing powers. |
Various publication dates |
£0 million |
Validated |
RPC17-DECC-OGA-3950(1) |
Summary of NQRPs