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.
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