As highlighted in previous issues of OSJ, the effects of the steep fall in the oil price are being felt worldwide but particularly in mature, high cost basins such as the North Sea. With this in mind, the UK Government has announced a series of measures intended to help the industry. Among these are the fact that the new Oil and Gas Authority (OGA) will be given a range of powers to ensure it has the ability to help maximise the economic recovery of the UK's oil and gas industry. Under the proposals, the OGA's powers would include the ability to issue fines of up to £1 million, to revoke licences where necessary, as well as having the right to attend meetings and have access to data to enable it to spot and resolve issues at an early stage.
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