BG’s managing director of Exploration and Production in Europe has been confirmed as the new chief executive of the Oil and Gas Authority (OGA).
In the wake of the announcement the government has made an industry-wide call for evidence on how to best deliver the next stage of Sir Ian Wood’s recommendations, including the governance and scope of the new regulator.
Energy and Climate Change Secretary Ed Davey said: “It’s vital for Government to work closely with industry to maintain Britain’s energy security and Andy is superbly placed to steer the OGA to maximise the economic recovery of our oil and gas resources. We’re also asking industry for their views to make sure we implement the Wood Review recommendations in the most efficient and practical way.”
The government has also asked for feedback on how to best implement the Maximising Economic Recovery UK strategy and new regulatory powers of the Oil and Gas Authority and its sanctions regime.
New chief executive of the OGA, Andy Samuel added: “I am honoured to have been chosen to lead the OGA. I know first-hand the challenges industry currently faces and am confident that implementing the vision set out in the Wood Review will create a strong future for the UK’s oil and gas industry. I have much enjoyed my time at BG Group, with a lot to be grateful for, and am now looking forward to establishing the OGA and setting its priorities in the New Year.”
Chief Secretary to the Treasury Danny Alexander today said he would work with Samuel to leverage the North Sea’s remaining resources.
“Oil and gas is one of the UK’s most valuable industries, supporting 450,000 jobs in Scotland and across the country,” he said.
“It’s great that Andy Samuel, with his wealth of experience and knowledge, will become the CEO of the new Oil and Gas Authority, shaping the future of not just the industry but the entire UK economy.
“I look forward to working with Andy as he implements the findings of the Wood Review, ensuring that both the industry and the nation continue to benefit from the billions of barrels of North Sea oil that still remain to be extracted.”
Sir Ian Wood made sweeping recommendations in his historic Wood Review.
His report recommended a new regulator be established as the current one is “no longer adequate” to meet the challenges of managing an “increasingly complex” sector.
The government later pledged £15million to help kick-start a new independent regulator for the North Sea oil and gas industry.
Sir Ian today said: “The CEO will be of fundamental importance to the establishment and effectiveness of the OGA and I have every confidence that Andy will prove to be an excellent appointment. The OGA will need to work very closely with industry over the coming years and Andy’s impressive experience and the significant credibility he holds within the industry will put him in a very strong position to encourage the industry collaboration that is needed as we enter the next phase of the UKCS.”
Today’s announcement is a major step forward in hitting the widely circulated target of making the the OGA operational by April 2016.
Mr Samuel has been given a three-year contract for the job.