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New Energy Bill welcomed by oil & gas industry

Published:  13 July, 2015

Oil & Gas UK’s chief executive, Deirdre Michie, welcomed the recent publication of the new Energy Bill.

Michie explained that while it will take time to digest and comment on the full detail she welcomed its publication as it formally establishes the Oil and Gas Authority (OGA) as an independent, government company (GovCo). The OGA, she added, is a critical catalyst for the work being done to sustain offshore oil and gas activity and the Bill aims to provide the new regulator with the tools and capabilities it will need to do the job effectively and efficiently so we support its swift passage through Parliament.

The provisions contained in the Bill complete the implementation of Sir Ian Wood’s recommendations for MER UK - Maximising Economic Recovery from the UK Continental Shelf, which enjoy cross party support.

Michie concluded: “The commissioning of the Wood Review and implementation of its recommendations, along with the tax changes announced in this year’s Budgets, lay strong foundations for the regeneration of the UK North Sea. Big strides are being made by industry to improve the efficiency and reduce the cost of operations with average lifting costs anticipated to fall as a result over the next twelve months. The focus of the industry now is to continue that work while maintaining comprehensive engagement with the OGA and HM Treasury.”

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