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 five 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
and since 2019
- Emissions Prevented (tonnes of CO2 equivalent)
- Decommissioning cost savings
As at the end of October 2019 we have tracked 394 success cases where the OGA with industry has delivered tangible value, in barrels and efficiencies.
It is intended that the data will be updated on a regular basis. It is noted that the data is continually reviewed and may be subject to minor amendment following such review.