I wish to inform the House that on 1 April 2015, whilst Parliament was prorogued, the Department of Energy and Climate Change (“DECC”) established the United Kingdom’s new arms’-length oil and gas regulator, the Oil and Gas Authority (“OGA”).

Founding the OGA as an Executive Agency of DECC, represents a critical step in implementing the recommendations contained in Sir Ian Wood’s 2014 report (“Wood Review”) into maximising economic recovery from the United Kingdom’s Continental Shelf (“UKCS”).

Subject to the passage of legislation in this Session of Parliament, I expect the OGA to transition from an Executive Agency of DECC to a Government-owned company.