Under the Accord Acts, the management and conservation of offshore petroleum resources is a primary responsibility of the Board. Resource conservation means that petroleum must be produced in accordance with good oil field practice, having proper regard for the efficient recovery of the resource and the prevention of waste.
The Board's resource conservation approach is designed to ensure that operators are committed to resource conservation. The Board uses a number of tools to ensure compliance with resource management principals, including:
- Reviewing and approving Development Plan applications and Reservoir Management Plans;
- Auditing activity authorization applications; and
- Performing necessary studies and surveillance in order to develop and support an independent understanding of the resource.