I'm also an ex employee of Transco and it was a commonly used expression that it was the next railtrack.
The reason why it was described as this was the standard of record keeping. Many old gas mains are not shown on charts and also the material and size of them are incorrect in many circumstances.
Therefore they are not always repacing or maintaining some mains that are classed as the biggest dangers.
To make matters worse about 5 years ago things changed where a new company was set up to install new gas connections to households, new estates and industrial & commercial premises. This did not go smoothly and many of these mains are not shown on the companies systems.
The company can only make profits on regulated assets, so if they are not shown on any system then they cannot be classed as an asset which compounds the situation.