The £15million funding by the UK Government towards the new energy regulator will ensure the body can address the industry’s needs as soon as possible, believes a Scotland Office Minister.
During his visit to Balmoral Group’s Aberdeen facilities, David Mundell told Energy Voice the initial state funding will help kick-start the Oil and Gas Authority (OGA) in autumn this year, following the election of a chief executive for the body.
The establishment of the OGA was announced after Sir Ian Wood carried out a major review of the sector for the government.
His report recommended a new regulator be established as the current one is “no longer adequate” and stressed the need for a a tripartite approach, based on collaboration between the industry, the government and the regulator.
Choosing Aberdeen as the OGA base will also maintaing the Granite City the centre for the oil and gas industry in the North Sea and globally, Mundell added.
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