The UK government has followed industry with a rebrand and reboot of its oil and gas regulatory, which with the inclusion of renewables will now be known as the ‘North Sea Transition Authority’.
The Oil & Gas Authority (OGA) was effectively a spin-out of the UK’s Department of Energy and Climate Change by Theresa May’s government, devised following Ian Wood’s review of the UK North Sea and Continental Shelf (which sought to recommend to government ways in which to maximise and prolong production from the maturing hydrocarbons basin).
It has subsequently been an operated as an independent economic body overseeing the oil and gas sector in the UK, meanwhile, DECC was merged into what is now known as the Department for Business, Energy and Industrial Strategy (or BEIS).
Under its new name and acronym, the idea is that the NTSA will supervise the UK’s energy transition as Britain and many of the region’s operators move towards “net zero”, whilst keeping watch on the country’s energy security.
“The UK is moving to a net zero, low carbon future and the Russian government’s invasion of Ukraine reinforces the need for pace. Meanwhile oil and gas remain vital for energy security as we transition. The NSTA is ideally placed to support both,” said Dr Andy Samuel, the NSTA chief executive.
“Our values remain the same while the organisation is adapting to meet the UK’s changing needs.”
Shell UK’s Simon Roddy, in the same statement, called the North Sea the UK’s greatest energy asset and said the region’s unlocked the oil and gas resources have been the backbone of the UK’s energy system for decades.
Ian Wood, whose report put the OGA into existence, added: “The rebranding is exactly right and will enable the North Sea Transition Authority to ensure oil and gas makes a significant contribution to the development of the new energies particularly as we focus on reducing carbon emissions as part of the wider efforts to meet net zero targets.
“This will undoubtedly help both industry and government capitalise on the massive opportunities that energy transition provides.”