Sir Ian Wood’s final report on the future of the North Sea will land on the desk of the Secretary of State for Energy and Climate Change this week ahead of its publication in February.
It is thought Energy Secretary Ed Davey intends to back a number of billionaire Sir Ian’s radical proposals, including a demand for the creation of a beefed-up North Sea regulator.
Mr Davey commissioned the founder of energy services giant Wood Group to undertake an in-depth review of the region’s oil industry in June last year.
Sir Ian’s interim report, published in November, called for greater collaboration in sharing North Sea assets. Sir Ian called for a “step change in North Sea stewardship and collaboration” under the aegis of a newly formed industry-funded regulator.
Malcolm Webb, chief executive of industry body Oil and Gas UK, said: “The industry is up for the prescription of a better resourced, proactive regulator.”
The final instalment of the Wood Review will focus on implementation plans to maximise recovery from the UKCS, having taken into account feedback.
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