Oil and Gas Authority to launch new levy on North Sea groups

 
Caitlin Morrison
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NORTH Sea oil firms will soon begin paying an additional levy to support their new industry body, the Oil and Gas Authority (OGA).

“Industry and government welcomed the creation of the OGA as an independent regulator with the resources and expertise to help maximise economic recovery from the UK continental shelf,” an OGA spokesperson said yesterday. “In common with many other regulated sectors, and following extensive consultation with industry, a levy will shortly be introduced to fund the services provided by the OGA.”

The spokesperson said the levy would be applied later this year, adding that “no negative feedback has been received” during the process of informing North Sea licensees of the changes.

The OGA was established in April, on the recommendation of Sir Ian Wood, who led a review of the UK’s offshore oil and gas industry.

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