The Board has the regulatory responsibility for safety, environment, licensing, resource conservation, geoscience, and employment and industrial benefits related to petroleum activities in the offshore area. Certain aspects of petroleum activities also fall under the regulatory authority of other agencies. To ensure effective coordination of all the regulatory requirements, the Board takes the lead role in coordinating regulatory activities. The Board has also entered into Memoranda of Understanding (MOU) with the appropriate departments and agencies to ensure effective coordination and avoid duplication of work and activities.

The Board maintains an open and transparent regulatory process to the maximum extent possible in order to demonstrate publicly that the offshore is being regulated in an appropriate manner. The legislation provides specific confidentiality requirements as set out in the Accord Acts.

The Board views consultation as an effective tool for its decision making process. The Board, through its MOUs and authorization process, consults with departments and agencies, other interested groups and the public to obtain input in its decision making process.

The Board monitors other national and international jurisdictions. In this regard the Board remains an active member of the International Regulators Forum, which in addition to Canadian representation, includes regulators of offshore petroleum activities from Norway, United Kingdom, United States, Mexico and Australia.