On 11 February 2021, the revised UK Oil and Gas Authority (OGA) Strategy has come into force, reflecting the energy transition and featuring a range of net zero obligations on the oil and gas industry.
The revised Strategy, which was laid before Parliament on 16 December 2020, includes stepping up efforts to reduce production emissions, support carbon capture and storage (CCS) projects and unlock clean hydrogen production.
The Central Obligation of the OGA Strategy Relevant persons must, in the exercise of their relevant activities, take the steps necessary to: Oil and gas currently provide around 75% of UK energy consumption and government forecasts show they will remain part of the energy mix for the foreseeable future, as the UK transitions to net zero. The OGA believes that the industry has the skills, infrastructure and capital necessary to help ensure that the net zero target is achieved, …OGA said. In addition to the net zero obligation, the revised Strategy also calls on industry to work collaboratively with the supply chain and actively support CCS projects, and the OGA will monitor closely and ensure that carbon costs are considered in regulatory decisions. Carbon capture and storage projects Relevant persons must, where there is, or is a reasonable prospect of, any such project being developed, have due regard to carbon capture and storage projects when complying with their obligations under this Strategy See also: Carbon capture and storage could address 42% of world’s emissions, report finds The OGA is now actively implementing the revised Strategy into its work; guidance documents are being updated to help industry understand how operations may need to alter in order to achieve the new requirements. A new stewardship expectation is also being developed to reflect the revised Strategy and its net zero target. Find out more on the OGA strategy herebelow:
relevant UK waters; and, in doing so,
far as reasonable in the circumstances greenhouse gas emissions from sources such as flaring and venting
and power generation, and supporting carbon capture and storage projects.
including:
faith; and,
reasonable and non-discriminatory terms.
