The UK's Department of Energy and Climate Change (DECC) has set out a strategy to maximize the economic recovery of offshore oil and gas in the UK.
The legally-binding strategy aims to get more value from the North Sea through better collaboration between companies and improved cost-efficiency.
It also ensures that the companies operating in the UK Continental Shelf are those most capable of recovering the maximum amount of oil and gas.
Energy Minister Andrea Leadsom said: “The oil and gas industry is essential to our plans to provide secure, reliable energy to UK homes and we are committed to backing it. There are still plenty of opportunities in the UK Continental Shelf, and the measures set out in this strategy will help us get the most out of it and continue to compete globally.”
The strategy is now out for consultation and a final version will be laid before Parliament in early 2016. The consultation will run until 8 January 2016 and can be viewed on the DECC website.
The Energy Bill sets out new sanctions and enforcement powers which the newly formed regulator, the Oil and Gas Authority, may use, including if there are any breaches of the Maximising Economic Recovery UK Strategy. As the Energy Bill passes through the House of Commons it may be necessary to make some changes to the strategy.