LONDON – Oil & Gas UK has welcomed a statement from Britain’s government, confirming its support for Sir Ian Wood’s UKCS Maximizing Economic Recovery (MER UK) review.
Malcolm Webb, CEO of Oil & Gas UK, said: “We are encouraged by the proposed approach to implementation and look forward to the establishment of the Oil and Gas Authority (OGA), headquartered in Aberdeen. We need a fresh, well-resourced arms-length regulator to put the principles of the Wood review into practice.
“We are delighted to see government commitment to providing a share of the future funding of the OGA, which is an excellent demonstration of the commitment to the tripartite approach called for by Sir Ian.”
MER UK proposed the collaboration between the industry, OGA, and HM Treasury to help maximize economic recovery of the UK’s remaining oil and gas resources.