OGUK is pleased to release the latest version of its Guidelines: Best Practice for Managing Information at the Time of Asset Sales. Fully refreshed to account for recent changes in UK law, the guidance covers both high level principles and detailed best practice for how oil and gas companies working in the UK should approach the information management challenges of asset sales.
The Guidelines consider how legal requirements for the transfer of information between parties may most efficiently be met, avoiding unnecessary delay to deal closure. They emphasise the critical importance of involving information management staff – and in particular, the organisation’s statutory Information and Samples Coordinator – to make sure that the scope of information to be transferred is well documented and agreed by all. This includes submission to the OGA of a formal Information and Samples Plan, which, if required by the Energy Act 2016, must be agreed by the OGA before associated licence changes can take place.
The Guidelines were developed with the support of industry licensees and the OGA Information and Samples Team, under the auspices of the OGUK Information and Sample Coordinators’ Special Interest Group, and is available to download from the OGUK website.