The Infrastructure Act, the Energy Act and the MER Strategy have transformed the face of oil and gas regulation in the UK. The new UK Energy Act received Royal Assent on 12 May 2016. Together with Sections 41 and 42 of the Infrastructure Act 2015, the Energy Act constitutes the statutory implementation of the influential Wood Review.
It heralds the transition of the old DECC from being a prescriptive/permitting authority to the new BEIS / OGA being directive or shepherding authorities. This creates a powerful OGA with substantial sanctioning power. This short summary outlines some of the key issues arising from the Energy Act for UKCS oil companies.