Oil and Gas Authority changes name to North Sea Transition Authority
The Oil and Gas Authority has today changed its name to the North Sea Transition Authority (NSTA) to reflect its evolving role in the energy transition. In 2021, the OGA revised our strategy to put net zero at the heart of our work alongside the important role of stewarding production. In March last year the North Sea Transition Deal between government and industry set out an ambitious programme for this path and the crucial role that the UK’s oil and gas industry should play.
The new name embraces this new context and our expanding role in energy transition, including as the carbon storage licence and permitting authority, monitoring of emissions, assessing a net zero test for new developments, and stewarding domestic production. The role of oil and gas will reduce over the coming years, but they currently provide about 75% the UK’s energy needs and will remain an essential part of the energy mix for some time to come.
However, the government has signalled its intention to reach net zero greenhouse gas emissions by 2050 (2045 in Scotland) and the North Sea has a vital part to play in reaching that goal. At the same time, ongoing global and geopolitical events have made it clearer than ever that security of supply remains important as the transition is achieved.
The NSTA will continue to play a vital role in ensuring energy security as the body which stewards the oil and gas industry, both on and offshore, with energy transition issues already playing a significant and increasing role in the organisation’s day-to-day activities.
The industry is expected to play a key role in the energy transition and support energy security through producing domestic oil and gas over the coming decades as well as reducing its own carbon footprint, while government and regulators must provide clear leadership and bolster confidence for the necessary continued investment. Read More
Andy Samuel on the OGA becoming the North Sea Transition Authority Read More
