Energy Act 2016
The Act was amended and superseded by the Energy Act 2016.
The OGA is set up to regulate the oil and gas sector while aiming to achieve the 'Principle Objective' of 'maximising the economic recovery of UK petroleum' and promoting carbon storage. Its main activities should include:
- Regulating oil and gas, and carbon storage;
- Influencing industry culture, commercial behaviour, and promoting collaboration; and
- Promoting investment in carbon and storage, creating value, and developing the industry.
The overall objectives of the Energy Act related to oil and gas industry include:
- regulate upstream petroleum infrastructure usage rights (Part 2)
- regulate abandonment of offshore installations, submarine pipelines and upstream petroleum infrastructure (Part 3)
- regulate extension of the Northern Ireland Part 1A of the Petroleum Act 1998 (Part 3)
- regulate fees in respect of activities surrounding oil, gas, carbon dioxide and pipelines (Part 4)
The Act further amends Electricity Act 1989 to add provisions related to closure of onshore power stations and to use of Northern Ireland certificates (Part 5 of the Energy Act 2016).