OGA Financial Due Diligence Guidance Update

The OGA feel that it is appropriate to develop new financial guidance that is fit for purpose and enables the OGA to make effective licensing decisions in its role as regulator.

The OGA require a contractor to develop, in close collaboration with the OGA, and produce the following documents: • An updated draft of the external guidance to Licensees on which data the OGA requires and how the OGA will use these data through the due diligence process.

This should cover each Licence event for which the OGA performs due diligence and be capable of being applied to all main funding models currently deployed and under consideration in the UKCS. • Internal guidance in the form of desk notes outlining the procedure which OGA staff will follow when performing due diligence, in each of the scenarios outlined above.