The Wood Review recommendations must be implemented swiftly to safeguard the UK Continental Shelf, according to Oil & Gas UK
The energy body said it will work closely with the UK and Scottish Governments towards the economic recovery of the UK’s offshore resources, and that the No vote will not diminish Holyrood’s role in the oil and gas industry.
Malcom Webb, the firm’s chief executive said: “The referendum campaign rightly revealed the important role the offshore oil and gas industry plays in our economy, both in Scotland and in the rest of the United Kingdom. This is understandable given this industry remains the UK’s largest corporate taxpayer and largest industrial investor, and its crucial role in helping assure thousands of well-paid highly skilled jobs as well as our energy security.
“To safeguard the industry’s future, it is particularly important that that the government now presses swiftly ahead with fiscal reform as well as the implementation of Sir Ian Wood’s recommendations to maximise the economic recovery of our oil and gas resource. The industry must not delay either in a cross-sector effort to bring its escalating costs under control.”
Oil and gas was a key factor in the referendum debate so it seems unlikely that the subject will now slip under the radar.
Enrst Young partner Colin Peasron said: “For the oil and gas industry to flourish the findings of the Wood Review should be implemented as soon as possible and the impetus that has been created by the ongoing oil and gas fiscal review embraced.
“We have previously commented that the basin is at a critical crossroads, and all stakeholders must ensure that it’s steered down the correct path.”
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