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    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.

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