THE WOOD REPORT: The UKCS Maximising Recovery Review (Interim Recommendations)
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Sir Ian Wood's interim report into the state of the UK oil industry was released on November 11th 2013. This 22-page snapshot is a precursor to his full findings, which will be published in 2014.
In this examination of the state of the UK industry, Sir Ian estimates that full and rapid implementation of his recommendations will deliver at least 3-4 billion barrels of oil equivalent (boe), more than would otherwise be recovered from the UK’s waters over the next 20 years, bringing over £200bn additional value to the UK economy. His recommendations include:
A new shared strategy for "maximising economic recovery (of oil and gas) for the UK", with commitment from the government (HM Treasury and a new Regulator) and the oil and gas industry.
Creation of a new arm’s length regulatory body to oversee and develop this programme of change and growth.
Below is an overview of the the UK sector as it stands: