Innovation and opportunity through regulatory change

Abstract

Adapting to change and seizing opportunities is a constant process for all involved in offshore energy, government and industry alike. The offshore energy sector continues to adapt approaches and adopt new ways of doing business as community expectations and the regulatory framework continue to evolve. As industry explores new frontiers in carbon capture and storage and infrastructure reuse for renewables, the historic challenges of legacy wells and decommissioning remain at the forefront of planning considerations. Recognising this changing landscape, the regulator has undergone its own evolution from investigations to drive change and enhance safety standards through to consultation best practice based on cultural awareness. This change has been driven by a refocusing of priorities and increased emphasis on where the greatest regulatory impact can be achieved. This paper outlines critical learnings from the past year – what industry is doing well and ongoing opportunities for improvement, the changes being implemented by the regulator and what they mean for industry, and what lies ahead for the offshore sector in the broader legislative and regulatory regime.