Two oil and gas sector specialists from an Aberdeen law firm have released a book on what they call the “radical” approach the UK has taken with its maximising economic recovery regime.
The Oil and Gas Authority (OGA) has completed a “key priority” of the review which led to its creation in 2015.
Currently, more than a third of global oil and gas production comes from offshore fields. The exploration, development, construction, production, logistics, maintenance and decommissioning operations of these fields are carried out with maritime units, including offshore vessels, installations (fixed, floating and subsea) and pipelines. For many countries, the offshore industry is contributing significantly to the national and global economy.
The head of the Oil and Gas Authority (OGA) said yesterday that the regulator was already a third of the way to achieving one of the goals entrepreneur Sir Ian Wood had set out.
Hard lessons learned but not retained? Jeremy Cresswell looks at a twelve-year old report which shows how little the sector’s attitudes and culture have changed and how nearly identical the identified solutions are, regardless of which major oil price crisis one considers. Corporate memory is very short.
Twelve months ago, the Wood Commission report ‘Education Working for All’ set out in front of parliament, the need for closer links to be forged between educational establishments and businesses to ensure a future for the country’s young people and ultimately strengthen the economy. Led by Sir Ian Wood, among the issues the document identified was the significant change required by schools, colleges and employers to challenge the cultural misconception that vocational training is less important than a purely academic route. The Commission prescribed the need for long term partnerships to be established between secondary schools and employers within three years. And by 2020, it recommends that the quality of both work experience programmes and career guidance should be increased significantly and made available to every pupil.
Leading oil industry figure Sir Ian Wood has warned six billion barrels of oil reserves could be lost unless radical measures are taken by the UK Government. According to reports, he said a third of what remains under the seabed - estimated to be worth around £200billion - could be abandoned. Sir Ian's comments come ahead of the budget with industry leaders calling for significant changes to take hold to its current fiscal regime.
Vital North Sea oil and gas reforms remained on track last night after a bid to scupper the plans failed in Westminster. The "cornerstone" of Sir Ian Wood’s recommendations for the future of the sector is now poised to become law within weeks after a wrecking amendment by a group of MPs fell in the Commons. Members of the environmental audit committee tried to remove a section of the Infrastructure Bill which for the first time would enshrine in law "the objective of maximising the economic recovery of UK petroleum".
Aberdeen Central SNP MSP Kevin Stewart has claimed politicians who supported amendments to a controversial piece of Westminster legislation are guilty of a “complete betrayal of oil workers across the north-east”. Scottish Labour MPs Mark Lazarowicz and Katy Clark and Scottish Liberal Democrat MP Alan Reid all put their names behind the changes to the Infrastructure Bill, which will be debated today. Members of Westminster’s environmental audit committee tabled an amendment calling for the removal of a section, which would enshrine in law “the objective of maximising the economic recovery of UK petroleum”.