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Sir Ian Wood’s recommendations for the UK oil and gas sector to be fast-tracked

The UK government will fast-track the implementation of retired businessman Sir Ian Wood’s recommendations for maximising the UK‘s remaining offshore oil and gas resources.

This will include setting up a new regulator to oversee the industry.

It will also include improving collaboration between the government and the energy industry.

Sir Ian said the changes would add “at least” £200 billion to the economy over the next 20 years.

“I see this as a watershed opportunity,” he added. “We need to maximise the recovery of our hydrocarbon reserves and attract more investment.”

In his report, Sir Ian recommends a series of improvements, including:

  • Revitalising exploration to ensure recoverable oil and gas resources in the UK are fully explored and exploited;
  • Ensuring oil operators maximise economy recovery from the fields they hold licences for;
  • Developing resources on a regional basis, rather than by individual field, to maximise their value;
  • Investing in prolonging the life of the existing infrastructure to process oil and gas resources;
  • Exploiting the use of existing technologies to maximise recovery of oil and gas.

Sir Ian Wood is the former chief executive of Wood Group, a post he held from 1967 until 2012, and is considered a thought leader in the UK oil and gas sector.

To read more articles and interviews from the United Kingdom, and to download the latest free report on the country, click here.

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