An oil and gas company is under investigation for possibly failing to meet licence commitments designed to stimulate activity, in support of the UK’s energy security.
The NSTA expects companies with valuable licences to progress exploration and production as quickly as possible, in line with their licence commitments and its strategy. Licensees are obliged to pursue economic recovery, while assisting the government in the drive to reach net zero.
The investigation will determine whether a sanction should be imposed on the company. Such a sanction could include a financial penalty of up to £1 million.
Source: NSTA.