On 10 June 2013 Edward Davey MP, Secretary of State for Energy and Climate Change, announced a review of UK offshore oil and gas recovery and its regulation, led by
Sir Ian Wood.
The UK’s oil and gas industry is of national importance and makes a substantial contribution to our economy, energy security and employment. 42 billion barrels of oil and gas have already been produced from the UK Continental Shelf (UKCS), and 12 – 24 billion more could still be produced.
So it is vital that we make the most of the huge opportunity that the UKCS continues to represent.
While investment levels are rising and the near-term prospects for the UKCS are strong, as one of the most mature offshore basins in the world, it faces unprecedented challenges in a very different exploration and production environment compared to when production peaked 15 years ago. Thus, this focused in-depth review.
Full report and Ministerial Statement on www.woodreview.co.uk