THE WOOD REPORT - UKCS Maximising Recovery Review: Final Report

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The follow up to his interim report into the state of the UK oil industry, Sir Ian Wood's UKCS Maximising Recovery Review: Final Report was released on 24th February 2014. This in-depth 72-page treatise on the UK oil and gas industry has taken evidence from a wide variety of interested parties, including approximately:

  • 40 companies who have a licence interest in the UKCS; together these companies account for more than 95 per cent of UKCS production and investment

  • 15 companies from the supply chain and other key stakeholders in UKCS activities

  • 20 key Government figures in DECC, HM Treasury, BIS, Scotland Office and the Scottish Government; and

  • 5 International regulators from the USA, Canada, Norway, the Netherlands and Australia

  • 75 written submissions in response to key questions and the Interim Report, published on 11 November 2013

Below is an overview of the the UK sector as it stands: