The oil & gas and fishing industries have for some time worked closely together to develop the concept of a legacy trust fund to ensure in perpetuity the provision of information about surface and sea bed oil and gas related structures in U.K. waters both before and after decommissioning. The fund will also support research and development projects which promote fishing safety and sustainable fisheries.
The U.K. Fisheries Offshore Oil & Gas Legacy Trust Fund Limited ("FLTC") was established in September 2007 by its founding members Oil & Gas UK, the Scottish Fishermen's Federation (SFF) and the National Federation of Fishermen's Organisations (NFFO) to manage interactions between the offshore oil and gas and fishing industries and an endowment fund set up to offset negative legacy issues, in particular issues concerning the safety of fishermen. The company will collect and manage funds provided by the oil & gas industry at the time of decommissioning assets in U.K waters where structures or pipelines remain on the seabed upon completion of a DECC approved programme.
FLTC is a charity registered in Scotland and has directors appointed by both the oil & gas and fishing industries. Together, with the support of an executive chairman, the directors manage the company's activities and determine how funds should be invested and spent. To ensure transparency and provide regulatory context, The Department of Energy and Climate Change (DECC), on behalf of all relevant government departments, has appointed an observer to the board.