Monday 10 June 2013

Oil & Gas UK Welcomes Independently-led Review of UK Oil and Gas

Welcoming the Department of Energy and Climate Change’s (DECC) launch of an independently-led review into the UK continental shelf, Malcolm Webb, Oil & Gas UK’s chief executive, said: “The UK oil and gas industry is a driving force for Britain’s energy security, economy and innovation. In overcoming the challenges of producing oil and gas in a mature province and in ensuring the basin’s full potential is realised, collaboration between companies in the sector and a well-resourced and expert regulator is crucial so we welcome the launch of this review. With decades of experience in the sector, Sir Ian Wood, who is to conduct the review, is well-respected and highly knowledgeable so we look forward to a comprehensive, critical and robust examination of the pertinent issues.”

James Edens, vice-president and managing director of CNR International (U.K.) Limited and Oil & Gas UK’s operator co-chair, pointed to the role of the review in ensuring continued investment. He said: “While investment in developing the UK’s oil and gas is currently very healthy at record levels, it is important that we address the challenges of sustaining activity to maximise recovery over the long-term. The valuable government-industry forum, PILOT, is currently considering issues such as access to infrastructure, exploration, incremental oil recovery and production efficiency and the review, led by the independent and hugely knowledgeable Sir Ian Wood, will be important in identifying how the efficiency and effectiveness of those efforts can be enhanced.”

Gordon Ballard, chairman and country manager at Schlumberger UK Limited and Oil & Gas UK’s contractor co-chair explained the importance of the review in maintaining the flourishing supply chain, saying: “The UK oil and gas supply chain has built up world-class expertise and technology over the last forty years supporting production on the UK continental shelf. Worth £27 billion to the economy, it is flourishing and driving growth, creating thousands of skilled jobs and fostering innovation across Britain. However, if this industrial jewel is to remain anchored in the UK, sustained investment in offshore oil and gas is crucial, so the review of the UK continental shelf, led by the highly informed and respected Sir Ian Wood, is very welcome.”

Ends

• Information on the review is available here.
• For more information, please contact Sally Hatch.