Sir Ian Wood said yesterday that oil bosses have made it clear to him that “fiscal instability” has been a major factor in the North Sea’s recent underperformance.
North Sea oil and gas could generate an extra £200billion for the UK economy over the next 20 years, according to a UK government review of the sector carried out by Sir Ian Wood.
The Scottish Government will follow the publication of Sir Ian Wood’s North Sea review today by announcing more than £10million of funding for a new centre to pioneer oil and gas technology.
The prime minister’s acceptance of Sir Ian Wood’s radical review of the oil and gas industry will mean big changes for companies operating in the North Sea.
A new UK oil and gas regulator should be established in Scotland to replace the “under-resourced and under-powered” Department of Energy and Climate Change (DECC) operation, according to Scotland’s Energy Minister.
Exclusive: The UK’s energy minister has warned that Scottish independence would be “absolutely fatal” for the North Sea oil and gas industry. Watch our video interview here.
Sir Ian Wood's final report on the future of the North Sea will land on the desk of the Secretary of State for Energy and Climate Change this week ahead of its publication in February.
David Cameron yesterday backed Sir Ian Wood’s oil and gas industry review – signalling his support for the radical changes required to maximise North Sea recovery.
Firms which refuse to work together to maximise oil recovery from the North Sea could ultimately be stripped of their licences under plans contained within the Wood Review.
A new regulator with improved powers in the vein of those in Norway and Holland is essential for the long-term future of the UK's oil and gas industry, a leading industry figure has warned.
A new regulator with stronger powers to force companies to work together should take charge of driving the next phase of North Sea development, a new report into the oil and gas industry has recommended.
Sir Ian, who retired last year as chairman of Aberdeen-based oil services firm Wood Group, said maximising oil and gas recovery was “immensely important” for Britain’s economy.