Maximising value from the basin
The continuing importance of UKCS oil and gas production.
Official forecasts show that oil and gas will remain a vital part of the UK’s energy mix as we move towards net zero.
Managing the economic recovery of declining North Sea production and minimising greenhouse gas emissions are both essential.
Managing the declining production and ensuring economic recovery from the UKCS as cleanly and efficiently as possible also brings broader economic benefits including jobs and future exchequer revenues.
The Oil and Gas Authority have a vital role. We regulate the licensing of exploration and development of the UK’s offshore and onshore oil and gas resources, gas storage and unloading activities. And through effective asset stewardship, supporting exploration through field development to decommissioning, we aim to optimise efficiency and ensure economic recovery and support the drive to net zero carbon by 2050, while maintaining rigorous standards of safety and environmental management.
Effective stewardship is achieved when assets are in the hands of those with the will, behaviours and resources to do the right things to identify and pursue opportunities that ensure economic recovery of our oil and gas resources, whilst supporting the drive to net zero carbon by 2050.
Where the OGA become aware of behaviours that indicate a lack of awareness of the obligations imposed by the OGA Strategy, the OGA have a range of powers allowing us to intervene. Further details can be found here.
A green recovery provides an opportunity to help shape the future of significant parts of our economy and deliver the UK’s commitment to net zero greenhouse gas emissions by 2050.
The OGA have a clear vision for the role oil and gas should play in supporting this while continuing to provide a valuable supply of energy to the UK energy mix for the foreseeable future.
Dr Andy Samuel - OGA Chief Executive