Sir Ian Wood

North Sea

Sir Ian Wood: Economic change from City Deal will take time


Offshore industry doyen Sir Ian Wood said last night that the north-east should “be hopeful but patient” in waiting for changes following the city deal signing yesterday. Sir Ian, who founded private sector economic development organisation Opportunity North East (ONE) in December, warned changes would not happen overnight but that this was “the beginning”. ONE has an initial funding commitment of £25million from The Wood Family Trust.

North Sea

Oil industry to back new collaborative charter


The trade body for the North Sea oil and gas sector has called for the industry to back the tenets of a new charter that outlines collaborative behaviours to achieve “transformational change”.

Other News

Sir Ian Wood to lead taskforce to safeguard future of oil capital


Sir Ian Wood is to lead a major new taskforce being set up to safeguard the future of the north-east economy and land a multibillion-pound City Deal for the region. The offshore industry doyen has accepted an invitation to head up the area’s new “Economic Leadership Board”. It will drive forward the north-east’s bid to secure a £2.9billion City Deal package from the UK and Scottish governments – and lead efforts to anchor oil and gas sector skills in the region for decades to come. The new board will succeed Aberdeen City and Shire Economic Future (Acsef), and will also feature other leading figures from the oil and gas, food and drink, life sciences and tourism industries, as well as representatives from the local authorities and the universities.


#OG2050: Sir Ian Wood says industry ready to persevere


Sir Ian Wood said there had been a step change in focus by the North Sea oil and gas industry in how to persevere through the current downturn. Speaking to Energy Voice following its Energy 2050 – Securing Our Future event at the Tivoli in Aberdeen he said it was clear the industry was “now prepared to give proper though about how it solves its problems”. He was one of a panel of experts who discussed the findings of a survey of 450 sector leaders, which was commissioned by Energy Voice.


Exclusive: Sir Ian Wood – ‘North Sea facing toughest era but not dead yet’


Sir Ian Wood said last night that the North Sea was facing one of its “toughest times ever" – but insisted it was “not dead by any means". The industry doyen warned that the “worst thing" offshore firms could do was lose talented younger people and vital infrastructure during the current downturn. He called for further UK Government action, including for the Treasury, the Oil and Gas Authority (OGA) and the industry to “get their heads together very quickly" to find solutions. Sir Ian was speaking to more than 300 people at a summit organised by The Press and Journal's sister website Energy Voice at Aberdeen's Tivoli Theatre last night.


#OG2050: Sir Ian Wood joins Energy Voice panel


Energy Voice has launched an event aimed at ensuring the next generation of industry innovators don’t get lost in translation amid a market downturn. Industry giant Sir Ian Wood, Offshore Europe co-chairman Michael Engell-Jensen and Derek Leith, office managing partner at EY Aberdeen and the firm’s UK head of oil and gas taxation, will all take part in the panel. The event, which will be held at the Tivoli on Wednesday September 2, will discuss the final wave of Energy Voice’s research: Energy 2050 – Securing our Future.

Oil & Gas

Sir Ian Wood tells new North-east taskforce for employment to set the standard for Scotland


The north-east can carry the torch for Scotland in the crusade to reduce unemployment among the country’s young people, Sir Ian Wood told the region’s fledgling jobs taskforce yesterday. Sir Ian, the former chairman of energy giant Wood Group, said the area was in far better position than other parts of Scotland to meet ambitious employment targets put forward last year in his commission’s report into youth joblessness. He added: “We are very lucky in this part of Scotland. In terms of prospects, we have got a whole bunch of youngsters, whether we call them technicians or tradesmen, who are 25 to 30 years old and they’re earning up to £50,000 a year.

Other News

Sir Ian Wood donates £4.5million for energy research centre


He made his fortune and reputation by recognising the massive potential of the North Sea, and by his own estimation did “incredibly well” during the oil and gas industry’s boom years. Now Sir Ian Wood has pledged an incredible £4.5million to ensure that Aberdeen and the rest of the region has a bright future long after the lifeblood of the area’s economy runs dry. The huge donation from the Wood Foundation to Robert Gordon University will be spent on turning the institute and the city into “world leaders” in the oil and gas industry for teaching, research and technology. It should also keep the sector anchored in the north-east long after operators have filled their last barrel.

Market info

Sir Ian Wood: Budget is a ‘watershed’ moment for oil sector


This week’s Budget is “the most important” in terms of the future of the North Sea oil and gas industry, according to a leading figure in the sector. Sir Ian Wood called for “really significant” action from Chancellor George Osborne to address a lack of confidence in the region and protect jobs. Describing Wednesday’s Budget as a watershed moment, he said: “Unless we get this right we will lose a huge amount to the UK economy and the UK will be the loser.” Sir Ian is the founder of the Wood Group and he has conducted a review of offshore oil and gas recovery for the UK Government.


Sir Ian Wood: Major tax cut necessary


North Sea oil expert Sir Ian Wood, who led a review of the industry for the Government which reported last year, said a major tax cut was necessary to give producers the confidence to keep their operations going. He said the supplementary charge on profits should be cut from 30% to 20% although he acknowledged that would have little impact in the short-term because prices were so low.