•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    British government helps fund new Oil and Gas Authority

    The British government has pledged another £3 million ($5.14 million) a year in funding for the country's new oil regulator until 2022, after which it will be fully financed by the industry, according to a Reuters report.

    To be based in Aberdeen, Scotland, the Oil and Gas Authority (OGA) will be responsible for ensuring that oil explorers get as much oil and gas out of Britain's North Sea as possible. The OGA is expected to start operating later this year.

    The Reuters report said that the government has already allocated £7 million to the OGA until 2016 to hire specialist staff and to get it up and running. The British government plans to contribute an additional £3 million a year from 2016/2017 until 2022.

    Did You Like This Article?

    Get a free subscription to Oil & Gas Financial Journal.

    Related Articles

    Increased OPEC production contributing to oil price slide

    10/15/2014 Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 30.6 million barrels per day (b/d) in September, up 400,000 b/d from August and the highest level since Dece...

    Oil producers concerned about price war with OPEC

    10/13/2014

    Douglas-Westwood Director Steve Robertson has provided a few comments as OPEC’s November meeting draws near.

    Commitment to sustainability

    10/10/2014

    BHP Billiton, EWB support students in sustainable development

    September US natural gas production up 7.4%, breaking record

    10/09/2014 Natural gas production in the US Lower 48 states averaged 69.1 billion cubic feet per day (Bcf/d) in September, breaking its previous monthly average high for the ninth consecutive month, according...

    Energy regulation and economic growth

    10/09/2014

    Most people would agree that a certain amount of government regulation is necessary for a society to function efficiently.

    More Oil & Gas Financial Articles

    Increased OPEC production contributing to oil price slide

    Wed, Oct 15, 2014

    Oil production from the Organization of the Petroleum Exporting Countries (OPEC) totaled 30.6 million barrels per day (b/d) in September, up 400,000 b/d from August and the highest level since December 2013 when the oil producer group pumped an average 30.65 million b/d, according to the latest Platts survey of OPEC and oil industry officials and analysts.

    Oil producers concerned about price war with OPEC

    Mon, Oct 13, 2014

    Douglas-Westwood Director Steve Robertson has provided a few comments as OPEC’s November meeting draws near.

    Commitment to sustainability

    Fri, Oct 10, 2014

    BHP Billiton, EWB support students in sustainable development

    September US natural gas production up 7.4%, breaking record

    Thu, Oct 9, 2014

    Natural gas production in the US Lower 48 states averaged 69.1 billion cubic feet per day (Bcf/d) in September, breaking its previous monthly average high for the ninth consecutive month, according to Bentek Energy, an analytics and forecasting unit of Platts.

    Energy regulation and economic growth

    Thu, Oct 9, 2014

    Most people would agree that a certain amount of government regulation is necessary for a society to function efficiently.

    Most Popular

    Oil & Gas Jobs

    Search More Job Listings >>
    Subscribe to OGFJ