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In relation to UK Offshore oil and gas activity, the Oil & Gas Authority ("OGA"), the principal regulatory body, has now issued its long awaited Implementation Guides for Asset Stewardship Expectations.
The purpose of the Implementation Guides are to assist the
offshore industry in its quest to achieve consistent asset
stewardship performance - which fall neatly under the MER UK
Strategy. Although the Implementation Guides are not legally
binding, should the OGA form the view that a company has not been
sufficiently diligent in following its Stewardship Obligations, it
may weigh against it when the OGA assesses whether or not it has
complied with its obligations under the MER UK Strategy.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
