The Oil and Gas Authority (OGA) says it has received significant support from industry to create the UK’s first National Data Repository (NDR) for the sector.
The database, which is planned to be launched early next year, aims to preserve and regulate the country’s petroleum-related information.
The OGA says it would help fulfil a key recommendation of the Wood Review, by ensuring ready access to timely and transparent data to help maximise the recovery of economically recoverable petroleum.
The group adds it will support regulatory compliance and provide a rich resource of data for analysis, as well as drive inward investment in new technologies and exploration activity.
The OGA’s response to its consultation last year shows out of the 32 licensees, trade associations, service providers and academic institutions that commented, 28 were supportive of paying an additional levy to use the database.
Nic Granger, Director of Corporate at the OGA, said: “Having a UK NDR is vital to unlocking the huge prize of the United Kingdom Continental Shelf’s potential 10-20 billion barrels of resources.
“The OGA is committed to creating an environment where enhanced and trusted data can deliver extra value for our sector and achieve maximum economic recovery from the UK.”