New Corporate Plan sets out OGA’s priorities for next five years
The Oil and Gas Authority (OGA) has today, 25 April 2019, published its latest Corporate Plan, outlining the priority activities it will focus on over the next five years (2019-2024).
The plan includes a summary of recent industry and OGA performance in maximising economic recovery (MER) of oil and gas, and sets out a five-year work programme consisting of seven priority themes, 18 priority activities and seven key performance indicators (KPIs).
Compared to 2014, industry today is in a very different environment with operating costs down, production up and the UKCS now globally competitive. Decommissioning activity is progressing, with some operators already going beyond the 35% cost reduction target. Operators are clearly thinking more strategically about technology uptake and there is evidence of more collaborative partnering with the supply chain.
The new plan recommits to the ambition, framework and seven themes laid out in the inaugural ‘OGA Way Forward’ Corporate Plan 2015: revitalising exploration, improve asset stewardship, drive regional development, improve decommissioning efficiency, leveraging technology and data, creating the right conditions and developing people, processes and systems.
These themes are just as vital today as the OGA’s continues to work with industry and governments to maximise the economic recovery (MER) of oil and gas resources, including embodying regulatory excellence.
However, reflecting the changed external environment and lessons learned and building on the achievements to date, the specific priorities under each theme and the methods of delivery and KPIs have been updated for the next five years.
New elements include an even stronger emphasis on digital and the use of big data to revolutionise industry practice; and acknowledging the importance of the energy transition. The move to clean energy is already under way and the OGA has a role to play in shaping this.
There is a firm focus to progress Vision 2035. The central production forecast out to 2050 is currently 3.9 boe higher than the March 2015 forecast, when the OGA was established. This is equivalent to £88 billion net pre-tax total cash flow added to the central production forecast out to 2050. These barrels will come from a variety of different areas including field life extensions, infield reserve additions, enhanced oil recovery, new projects and new discoveries.
Dr Andy Samuel, Chief Executive of the OGA said: ‘We continue to focus on activities that create maximum value for the UK from exploration and efficient production all the way through to reducing decommissioning costs and enabling carbon capture. We’re also now working substantial opportunities for offshore energy integration to support the energy transition.’
Notes to editors:
- The Corporate Plan (2019-2024) is available here.
For more information, please contact Tracey Miller, communications manager at the OGA:
Tel: 0300 020 1072 or Email: Tracey.Miller@ogauthority.co.ukKeep me informed