The revised OGA [now NSTA] Strategy has come into force, placing an obligation on the oil and gas industry to assist the Secretary of State in meeting the net zero carbon by 2050 target.
The revised strategy amends the MER UK Strategy, expanding the central obligation for relevant persons to:
- secure that the maximum value of economically recoverable petroleum is recovered from the strata beneath relevant UK waters; and, in doing so,
- take appropriate steps to assist the Secretary of State in meeting the net zero target, including by reducing as far as reasonable in the circumstances greenhouse gas emissions from sources such as flaring and venting and power generation, and supporting carbon capture and storage projects.