The call comes from a report published today by OGA chief executive Andy Samuel, which warns of the risk that the falling profitability of the UK’s oil and gas fields will be insufficient to continue attracting investment.
The regulator says it will work with operating companies to boost exploration activity, encourage a programme of seismic acquisition in underexplored areas of the UK continental shelf, and improve the quality of data available to industry.
It will also require companies to prepare asset improvement plans and encourage a 30 to 40 per cent improvement in operating efficiency.
The UK remains a major producer of oil and gas. However, profit margins are on a steep downward trend, causing companies to reduce exploration, investment and staffing levels over the past six months.
Samuel said: “Significant hydrocarbon resources and economic value are yet to be delivered from the UK North Sea but to unlock this potential we must create a more competitive and efficient operating environment, where costs are effectively managed and companies have the confidence to invest.”
The OGA was established by the Department of Energy and Climate Change last year, following a recommendation from the Wood Review into how the upstream sector can maximise its economic recovery.
The Wood Review found that by implementing a set of new measures overseen by a dedicated sector regulator the UK could recover an additional 3-4 billion barrels of oil equivalent over the next 20 years.