Industry regulator the OGA (Oil and Gas Authority) has outlined its corporate plan for the next five years.

The body will publish an update on its current position on an annual basis as it looks to maximise economic recovery from the UK North Sea.

Chief executive Andy Samuel said the OGA recognised the sustained low oil price was affecting the oil and gas industry across the world.

He said: “We recognise that this is a very difficult time for companies adapting to the current operating conditions and for oil industry employees who are personally affected by the downturn.

“We will do everything possible to make sure this vital UK sector receives the right support, working with government and industry to address the immediate impact of the low oil price, while
delivering further priorities that help bridge to the future.”

The Corporate Plan describes the OGA’s priorities and plans, incorporating outstanding actions from its Call to Action Report and the Wood Review.

In the document, the body has also set out the area it will look to regulate, influence and promote and how the MER UK Forum and Boards will harness the tripartite relationship between
industry, government and the OGA.

The plan includes provisional targets where the OGA will continue to look at how to attract investment as well as retaining jobs in the country.