The National Offshore Petroleum Titles Administrator (NOPTA) recently completed a review of its 2022 cost recovery implementation statement (CRIS).
NOPTA’s fee and levy charges were last increased on 1 January 2022. Key issues and risks that NOPTA is currently managing include: growth in GHG activity and continued implementation and application of the new GHG titles assessment process; increased transactions and decommissions associated with aging assets and a maturing industry; and increasing employee costs.
The challenge for NOPTA’s cost recovery going forward is to maintain financial sustainability and effective regulation by ensuring that it is recovering the costs of its activities in an inflationary environment that is also complex, rapidly evolving and uncertain. NOPTA’s fees and levies are not automatically indexed to keep pace with inflation.
To ensure that NOPTA can meet ongoing operational costs, NOPTA is proposing an increase in levies and fees from 1 September 2024, to be reviewed in 12 months.
We are asking for feedback on the proposed changes.
Have your say via our consultation hub by 7 June 2024
