U.K. Fisheries Offshore Oil & Gas Legacy Trust Fund Limited
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 to build and manage an endowment fund set up to offset negative legacy issues, in particular issues concerning the safety of fishermen. The company collects and manages 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 government 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 for Business, Energy and Industrial Strategy (BEIS), on behalf of all relevant government departments, has nominated an observer to the board.
Fishing Safely in Changing European Waters 2016-2019 (“the project”)
FLTCS promote the project which includes provision of FishSAFE Information, support for the Kingfisher Fortnightly Bulletin and the Yellow Card, development of new terminology and symbology for oil and gas hazards during and after decommissioning and provision of enhanced images of hazards.
The project also incorporates a review of criteria to include a pipeline span in FishSAFE Information and an Options Study on the possible union of projects to give fishermen information about offshore hazards relating to the oil and gas, subsea cables and renewables industries.
The project will enhance the safety of fishermen and help reduce the risk of damage to fishing vessels, their gear and to oil and gas infrastructure. It will also reduce the risk of harm to the environment.
The European Union through the European Maritime and Fisheries Fund will provide £145,000 towards the costs of the project and the Scottish Government will fund part of the costs.
The European Union and the Scottish Government have also provided part of the costs of the FishSAFE unit.