The UK’s Oil & Gas Authority (OGA) said it has updated its stewardship expectations to promote industry good practice and support maximum economic recovery (MER).
The set of 10 stewardship expectations have been designed to apply across the entire exploration and production lifecycle, and have been developed jointly with industry, the OGA said. Two of the expectations are new.
The first, well activity performance, promotes successful delivery of well activity throughout the lifecycle using systematic deployment of existing practices and learning during planning and execution phases.
The second, commercial alignment and delivery, promotes the adoption and implementation of existing good commercial practices to enable activity to progress in a manner and pace consistent with licensees’ obligations in the MER UK strategy.
“The OGA’s asset stewardship strategy was published in 2016 and stewardship expectations bring added focus and emphasis to our ambition for MER UK,” said Gunther Newcombe, Operations Director at the OGA.
“The updated stewardship expectations will put the industry on the best footing to further stimulate upstream activity, maintain and support performance improvements while continuing to maintain high standards of safety and environmental management.”
“As Co-Chair of the Asset Stewardship Taskforce and industry sponsor for the revised stewardship expectations, I welcome these enhanced expectations in setting a new benchmark for industry,” said Jon Graham, Managing Director of Apache North Sea.
“These stewardship expectations have evolved to create more clarity, and provide ‘guidance with teeth’, and do much to support delivery of the MER strategy.”