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> UK Government will fund North Sea regulator
UK Government will fund North Sea regulator
17 Jul 2014
The UK government is set to provide a £15m in short-term fund to kick-start a new independent regulator for the North Sea oil and gas industry.
The Oil and Gas Authority (OGA), which will be based in Aberdeen, will receive £3m a year for five years from 2016.
The new authority is a result of Sir Ian Wood’s major review of the oil and gas sector on behalf of the government, which found that the existing regulator was no longer meeting the increasingly complex challenges.
This shake up could also directly affect the amount of barrels of oil produced. Estimates suggest that the changes in in the way the North Sea oil and gas sector operated could produce at least three to four billion additional barrels of oil over the next 20 years, impacting the economy and job industry.