OGA down to work with new powers

The UK Oil & Gas Authority (OGA) formally gains its independence on Monday, assuming sweeping new regulatory powers to use against companies that fail to do their best to retrieve the ageing North Sea’s remaining reserves, including the ability to issue £1 million ($1.3 million) fines or revoke licences.

Some 18 months on from being set up, the OGA has now been established officially as an independent UK government company.

The move marks the official transfer of a range of existing powers from ministers to OGA chief executive Andy Samuel around decisions on exploration and production.

And from Monday the OGA becomes armed with a beefed-up suite of new powers to encourage and, if required, to force operators to work towards achieving the Wood Review plan for "maximising economic recovery of the UK’s offshore oil and gas resources", known as MER UK.

The

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OGA down to work with new powers