The Wood Review highlighted that full implementation of the recommendations in the report would have the potential to deliver an additional 3-4bn boe over 20 years. The OGA has been in action since Day 1 supporting the industry and acting as a catalyst to this success, moving quickly and flexibly to help save industry time and money. The OGA has developed a success stories tracker, dashboard and methodology to allow impact to be quantified, relative to what would have happened in the absence of support or intervention, using three key metrics:
- Expected future volume of oil and gas production
- Capital expenditure committed to new projects
- Reduced or avoided costs through improved or accelerated outputs
As at the end of July 2017 we have tracked 189 success stories where the OGA with industry has delivered tangible value, in barrels and efficiencies.
It is intended that the data will be updated on a quarterly basis.
A selection of Case Studies highlighting MER UK in Action can be found here
Further details on the OGA's successful use of powers can be found here