Sector News

OGA given new powers to fine companies

March 20, 2015
News
The government has handed a raft of powers to the new oil and gas industry watchdog just days after the Chancellor gave the sector a massive tax break.
 
The creation of the Oil and Gas Authority (OGA) was one of the measures called for in last year’s Wood Review, which set out a series of recommendations aimed at maximising the recovery of UK fossil fuels.
 
Under the proposals published today, the OGA will be able to levy fines of up to £1million on companies that break rules designed to prolong the North Sea’s production life.
 
The regulator, which is slated to receive executive agency status, will also have the power to revoke company’s licences, sit in on their meetings and have early access to data.
 
OGA chief executive Andy Samuel said: “In my recent Call to Action report, I highlighted the very real challenges facing our oil and gas industry, and the need for continued collaboration across industry, government and the OGA.
 
“It is important that the OGA has appropriate regulatory powers to support its work as a trusted facilitator. I’m pleased that industry has been involved in the process to inform the legislation which is being drafted and that our work to create an effective, independent regulator is on track.
 
“Equally important is the commitment of all parties to maximise economic recovery through collaborative commercial behaviours in the North Sea, to safely improve efficiency, deliver a competitive cost base and create an operating environment that attracts investment now and in the future.”
 
By Mark Lammey
 
Source: Energy Voice

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

When I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon enough I realized […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

Firm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing abound), but we […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

The Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which sells a range […]