Sir Ian Wood said his recommendations would not change if Scotland votes for independence.
The findings were welcomed by the Scottish Government yesterday.
Scottish Energy Minister Fergus Ewing said he was “fully behind Sir Ian Wood’s report”.
“We believe it is essential that the recommendations are implemented with speed, and a shadow body be set up rather than await the outcome of primary legislation,” he said.
“We share Sir Ian’s view that the industry should finance this body and since most of the developments in the North Sea and west of Shetland are managed from Aberdeen, Europe’s oil and gas capital, we believe the principal location for the new regulatory body is in Aberdeen.
“Sir Ian’s report estimates that the prize from increased and effective collaboration could be an additional 3-4billion barrels of oil equivalent over 20 years, which could be worth £200billion.
“Enormous benefits can be reaped by the industry and in tax revenues.”
Meanwhile Sir Ian Wood’s findings have been welcomed by the legal fraternity – despite his criticism of the “burden” commercial law has on the industry.
Bob Ruddiman, head of energy at international legal firm Pinsent Masons, said: “When you have someone of Sir Ian Wood’s standing stating that a rapid intervention and realignment of how we do things in the North Sea could harvest an extra four billion barrels of oil and gas, it would be foolhardy not to listen.
“He has consulted widely and taken stock of how our international neighbours go about their business and I am encouraged by his recommendations.
“He suggests a stronger, independent and better resourced regulator would have greater powers to encourage or even enforce collaboration, and I welcome a more hands-on approach if it will provide the returns he is forecasting.
“If industry has to bear the cost of this, then it should be seen as a long-term investment which will benefit operators, government and the end-user, while strengthening our security of supply.”
Recommended for you
