Through effective asset stewardship we aim to optimise efficiency and maximise economic recovery and support the drive to net zero carbon by 2050, while maintaining high standards of safety and environmental management.
Our asset stewardship strategy clearly defines what good asset stewardship is and how the OGA’s asset stewardship process will work.
Historically, the term asset stewardship has been associated with the UK’s producing oil and gas fields. However, the UKCS has a diverse range of assets including licences, prospects, discoveries and infrastructure, which need active stewardship at all stages in the upstream oil and gas lifecycle.
Effective stewardship is achieved when assets are in the hands of those with the will, behaviours and resources consistently to do the right things to identify and pursue opportunities that deliver MER UK outcomes that support the requirements set out in the Strategy.
Underpinning this is the requirement that all parties, including the OGA, operators and licensees, are provided with data, information, and guidance required to inform decision making consistent with their obligations under the Strategy.
The Energy Act 2016 gives the OGA the power to attend and participate in certain ‘relevant’ external meetings (including videoconferences and teleconferences) between different companies operating in the UK continental shelf. Further details can be found here.
Our Asset Stewardship Strategy integrates four elements: