UK Offshore Oil & Gas (Wood Review)

Updated 24th February 2014

Here is Sir Ian Wood’s Final Report (UKCS Maximising Recovery Review – the Wood Review).

Here is the PM Office press release of 24th February pledging action, in particular:

“The measures announced today include:

a joint commitment between government and the industry to ensure production licences are awarded on the basis of recovering the maximum amount of petroleum from UK waters as a whole rather than just each individual licence block

– greater collaboration between industry and government, for example by better sharing infrastructure, geophysical information and cutting red tape

a new independent regulator to supervise licensing and ensure maximum collaboration between companies to explore, develop and produce oil and gas”

Here is the DECC press release on the same subject, including:

Carbon Capture and Storage CCS – “Peterhead and White Rose CCS projects are the EU’s largest commercially sized projects with this phase supported by around £100m from the UK Government.”

Independent regulator – “DECC officials are undertaking detailed planning work around establishing the new arms-length body and aim to have the new body in operation, at least in shadow form, by the Autumn 2014.”

Decommissioning relief – ” the decommissioning relief certainty, introduced in October 2013, alone is worth upwards of £20bn.”

Here is DECC information about CCS.

Here is Shell information on the Peterhead CCS.

Here is the Scottish Government press release on its proposals for a new Energy Department.

Here is the Scottish Government announcement of 10.6m funding for a new Aberdeen-based Oil and Gas Innovation Centre (OGIC).

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