The objective of this Strategy is to clearly define what good asset stewardship is and how the OGA’s enhanced asset stewardship process will work.
Underpinning this Strategy 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 the obligation to maximise economic recovery. Delivery of this Strategy will include a review mechanism to reflect changing circumstances.
The Asset Stewardship Strategy supports the MER UK Strategy through four complementary strategic elements:
- Stewardship Expectations
- Rationalised Industry Data Survey
- Benchmarking
- Stewardship Reviews
The OGA has been set up to regulate, influence and promote the UK oil and gas industry and has been provided with a range of new powers to enable it to do so. The development of a series of strategies represents a key step in setting the strategic direction of how the OGA and industry will work together to maximise economic recovery (MER) from the United Kingdom Continental Shelf (UKCS) and was one of the core recommendations of the Wood Maximising Recovery Review.
The MER UK Strategy underpins our work and came into force in March 2016. It describes how MER should operate in practice, setting out a legally binding central obligation to take the steps necessary to secure the maximum value of economically recoverable hydrocarbons. It also sets out a range of supporting obligations as well as the required actions and behaviours of collaboration and cost reduction.