As the COVID-19 pandemic continues to impact on our way of life, the economic impact, combined with a significant fall in the commodity price, has hit the UK oil and gas industry hard.
The Oil and Gas Authority (OGA) is firmly focused on its role of working with industry and government through this difficult time to safeguard both the energy supply we know is needed for the foreseeable future and the thousands of jobs which help deliver it.
Maintaining our critical infrastructure is vital. We’re working very closely with the Department for Business, Energy and Industrial Strategy (BEIS) and HM Treasury on financial resilience, while supporting the work of industry and trade associations such as OGUK on operational and logistical resilience.
The scale of the challenge is considerable, and the efforts of all parties are fixed on successfully navigating through this unprecedented period of uncertainty.
We at the OGA have swiftly re-prioritised in response to this evolving situation. Areas of immediate focus include: financial and operational resilience; operations and turnarounds; licence management; supply chain; and communication. We recognise the immediacy of the current situation and will work flexibly with all parties as appropriate.
OGA actions and reprioritisation include:
In the midst of the serious threats facing the sector, we have not lost sight of the importance of achieving the UK’s net zero ambitions. We are continuing our programme to integrate net zero considerations into our work because we know that the oil and gas industry can play a significant and leading role in helping the UK achieve this. However, sensitive to the other immediate priorities facing the industry, we will implement this important net zero programme in a way which is both considerate and flexible.