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

UKCS Stewardship Survey

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

Validated

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

NQRP Assurance Statement 2015 – 2017