UK pledges greater security for oil and gas sector

The government has pledged greater security for the North Sea oil and gas industry as the Energy Bill becomes law. It has received Royal Assent after a month-long game of […]

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By Priyanka Shrestha

The government has pledged greater security for the North Sea oil and gas industry as the Energy Bill becomes law.

It has received Royal Assent after a month-long game of ping pong between the House of Lords and House of Commons, with DECC winning the battle without having to make any amendments to its proposed policies.

That includes the early closure of the Renewables Obligation for new onshore wind projects.

The government states the Energy Bill will give new powers to the Oil and Gas Authority (OGA) “to better support” the industry.

It is being established on the recommendations of the Wood Review into North Sea oil and gas to maximise collaboration and management of resources from the UK Continental Shelf.

Energy Secretary Amber Rudd said: “The Energy Act is a vital part of our plan to ensure our families and businesses have access to secure, affordable and clean energy supplies they can rely on while keeping bills down.

“By strengthening the Oil and Gas Authority and giving it powers to drive greater collaboration and efficiency in the industry, this Act shows that the broad shoulders of the UK are committed to helping our oil and gas industry attract investment, support jobs and remain competitive for the future.”