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