DECC calls for industry input on implementing Wood Review

The Department for Energy & Climate Change (DECC) is asking key figures in the oil and gas industry for their views on the sanctions regime and cost recovery mechanisms of the newly established Oil and Gas Authority (OGA), as part of a consultation on the Wood Review. 

Windrush hostile environment Photo PA

By Sarah.Aston

06 Nov 2014

Government are calling for industry input on how best to deliver the next stage of Sir Ian Wood’s recommendations for the UK oil and gas industry outlined in the Wood Review, published February 2014.

DECC are also calling for evidence on the governance and scope of the new regulator and the Maximising Economic Recovery UK strategy.

As part of his recommendations, Wood said that a full and swift implementation of proposals would lead to an additional 3-4 billion barrels of oil equivalent being produced over the next 20 years. Since February, the government has fast-tracked the implementation of the Review in order to maximise oil production in the UK.

Business and energy minister Matthew Hancock said: “The North Sea provides a safe, secure, home-grown energy supply for the UK. We are determined to make the most out of the North Sea and have moved quickly to implement the findings of Sir Ian Wood’s review.”

Energy and climate change secretary Ed Davey (pictured) said: “It’s vital for government to work closely with industry to maintain Britain’s energy security.”

DECC’s consultation will close on 31 December 2014. People have until 11.45pm on this day to give their views.

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