Sir Ian Wood said his review – the first in the North Sea for 20 years – is just the beginning of the region’s fight to bring back the boom times.
Record investment of nearly £14billion in the past year has masked a critical slump in exploration – and without new oil finds, he fears investment in the North Sea will fall by 50% by the end of the decade.
Speaking to the Press and Journal and Energy Voice after his landmark press conference yesterday, the former Wood Group chairman said his report was just the start – the hard work has still to be done.
“I’m delighted it’s the end of the beginning – because that’s all it is,” he said.
“I really think we have made a huge amount of ground, greatly helped by an industry which is very insightful of its own problems.
“The key thing now is to get the new regulator fast tracked – with the right quality of people on board – and begin to implement the review.
“There are a lot of good new things which could happen over the next two or three years if we implement it.”
The report has been met with near universal approval in the oil industry – and Sir Ian was full of praise for the way the energy sector has faced up to its problems, particularly around the need to share assets for the good of the region.
“Virtually every company we went to said they wanted to do something, but couldn’t because of what was happening in the adjacent block,” he said.
“Understandably there was some apprehension about a new regulator, but I think it will be a modern regulator which will be much more focused on working with the industry to make things happen and get groups together.
“It will have some important reserve powers, but only to encourage greater collaboration.”
His review, and its 29 action points, will now be passed over to the new regulator once it has been set up.
Asked if he would like a position with the new body, the businessman, who is 68 this year, said he would politely decline.
“My family went on holiday on Sunday, and I am hoping to join them. I missed last year’s holiday,” he said.
“I have thoroughly enjoyed doing this and I will provide some consultancy advice through to the summer, but I would quite like to start my retirement.”
His review was announced yesterday amid a flurry of activity and announcements by both the UK and Scottish government, who brought their respective Cabinets to the north-east.
However, Sir Ian hopes that the review and its crucial recommendations are not lost in the referendum “noise”.
He said: “I really hope this report doesn’t get lost, and I don’t think that it is going to, because it is so important for the north-east of Scotland. People realise the need to get this right.
“I do think both groups right now generally agree it is the right way to go ahead.”
Watch our interview with Sir Ian Wood below:
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