The revised Oil and Gas Authority (OGA) Strategy, which was laid before Parliament back in December, has now come into force.
The strategy, implemented from 11 February, aims to reflect the ongoing energy transition and sets out a series of net zero obligations on the oil and gas industry. As it stands, oil and gas is responsible for around 75% of UK energy consumption and government forecasts suggest they will remain part of the energy mix for the foreseeable future, as the drive to net zero unfolds. For as long as this demand exists, managing production and maximising value from the UKCS as cleanly and efficiently as possible will be key.
The OGA believes that industry has the skills, infrastructure and capital necessary to ensure net zero is achieved, with it setting out obligations to intensify efforts to reduce production emissions, support carbon capture and storage (CCS) projects and unlock clean hydrogen production. It also calls on industry to work collaboratively with the supply chain.
As the strategy continues to be actively implemented into the OGA’s work, guidance documents have been updated to ensure industry is able to understand how operations may have to alter for the new requirements to be achieved. A new stewardship expectation is also being developed, with this reflecting both the strategy and its net zero target.