{"id":34542,"date":"2013-11-11T12:45:00","date_gmt":"2013-11-11T12:45:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=6bd6adae3c71de2530e561226640cc45"},"modified":"2013-11-11T12:45:00","modified_gmt":"2013-11-11T12:45:00","slug":"news-story-uk-offshore-oil-and-gas-sir-ian-woods-interim-report-published","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=34542","title":{"rendered":"News story: UK offshore oil and gas: Sir Ian Wood&#8217;s interim report published"},"content":{"rendered":"<div class=\"govspeak\">\n<p>Sir Ian Wood, recently retired Chair of the Wood Group, a multi-national engineering services company focused on the energy sector, has published his interim report revealing the economic and energy security opportunities still available from the UK\u2019s offshore oil and gas resources.<br \/>\nThe \u201cUKCS Maximising Recovery Review\u201d, the first of its kind in more than 20 years, was <a href=\"https:\/\/www.gov.uk\/oil-and-gas-review-of-uk-offshore-oil-and-gas-recovery\">commissioned by the government in June 2013<\/a> to look at how we could ensure longevity of the oil and gas industry and the UK\u2019s resources.<\/p>\n<figure class=\"image embedded\">\n<div class=\"img\"><img decoding=\"async\" alt=\"The sea crashing against the legs of an offshore oil platform\" src=\"https:\/\/assets.digital.cabinet-office.gov.uk\/government\/uploads\/system\/uploads\/image_data\/file\/18318\/oilplatform_960x640.jpg\"><\/div>\n<\/figure>\n<p>Sir Ian\u2019s interim report  estimates that full and rapid implementation of his recommendations will deliver at least 3-4 billion barrels of oil equivalent (boe), more than would otherwise be recovered from the UK\u2019s waters over the next 20 years, bringing over \u00a3200bn additional value to the UK economy. His recommendations include:<\/p>\n<ul>\n<li>\n<p>a new shared strategy for \u201cmaximising economic recovery (of oil and gas) for the UK\u201d, with commitment from the government (HM Treasury and a new Regulator) and the oil and gas industry. <\/p>\n<\/li>\n<li>\n<p>creation of a new arm\u2019s length regulatory body to oversee and develop this programme of change and growth.<\/p>\n<\/li>\n<\/ul>\n<p>The UK\u2019s oil and gas industry is of national importance and makes a substantial contribution to energy security and the economy. For decades the oil and gas sector has been one of the UK\u2019s major industrial success stories, a key contributor to growth, jobs and tax revenue. In 2012-13 the industry paid \u00a36.5 billion in corporate taxes on production, 15% of all corporate taxes in the UK, and supports the employment of 450,000 people across the UK.<\/p>\n<p>41 billion barrels of oil and gas have already been produced from the UK Continental Shelf (UKCS), and 20 billion or more could still to be produced. Sir Ian believes that implementing the recommendations of the review will deliver at least  3-4 billion barrels of oil equivalent (boe) more than would otherwise be recovered, worth \u00a3200 billion.<br \/>\nThe report comes five months in to Sir Ian\u2019s review with a final report to be published in early 2014. <\/p>\n<p>The second half of the review will focus on strategies to make the most of the economic opportunity offered by retrieving offshore oil and gas, accounting for feedback on the interim findings and further details on the evidence for a new arm\u2019s length body.<\/p>\n<p>Of the report  Edward Davey, Secretary of State for Energy and Climate Change said:<\/p>\n<p>\u201cOur offshore oil and gas fields are one of Britain\u2019s great natural assets, and I\u2019m determined that they should stay that way. They are good for our energy security, because if we improve what we\u2019re recovering domestically, we reduce our reliance on foreign imports. They are good for the economy, supporting jobs and thriving communities. And they are extremely good value for taxpayers. <\/p>\n<p>\u201cThere are people who would try to talk down their untapped potential, but today\u2019s report shows that with strong, co-ordinated stewardship by the UK Government, working in partnership with world-class operators, we can boost future returns by at least \u00a3200 billion \u2013 and potentially much more.\u201d<\/p>\n<p>\u201cThis report has given government and industry alike plenty to think about, and I\u2019m looking forward to receiving Sir Ian\u2019s report and setting out our plans to make the most of our offshore oil and gas fields in the New Year.\u201d<\/p>\n<div class=\"call-to-action\">\n<p>More information about Sir Ian Wood\u2019s review <\/p>\n<ul>\n<li>\n<p>Sir Ian Wood\u2019s interim recommendations &#8211; <a rel=\"external\" href=\"http:\/\/www.woodreview.co.uk\/\">The UKCS Maximising Recovery Review<\/a><\/p>\n<\/li>\n<li>\n<p>Edward Davey\u2019s <a href=\"https:\/\/www.gov.uk\/government\/speeches\/written-ministerial-statement-by-edward-davey-review-of-uk-offshore-oil-and-gas-recovery\">written ministerial statement, June 2013<\/a> <\/p>\n<\/li>\n<li>\n<p>Read what the government is doing to support <a href=\"https:\/\/www.gov.uk\/government\/topics\/uk-economy\">UK economic growth<\/a><\/p>\n<\/li>\n<li>\n<p><a href=\"https:\/\/www.gov.uk\/government\/publications\/uk-oil-and-gas-industrial-strategy-business-and-government-action-plan\">Oil and gas industrial strategy and government action plan<\/a><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<figure class=\"image embedded\">\n<div class=\"img\"><img decoding=\"async\" alt=\"Infographic showing the contribution of the Oil and Gas insdustry to the UK economy\" src=\"https:\/\/assets.digital.cabinet-office.gov.uk\/government\/uploads\/system\/uploads\/image_data\/file\/18317\/Infographic_oilandgas_BIS.jpg\"><\/div><figcaption>Infographic showing the contribution of the Oil and Gas insdustry to the UK economy; February 2013, Department of Business Innovation and Skills.<\/figcaption><\/figure>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Sir Ian Wood has published his interim report revealing the economic and energy security opportunities still available from the UK\u2019s offshore oil and gas resources.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/34542"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=34542"}],"version-history":[{"count":1,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/34542\/revisions"}],"predecessor-version":[{"id":34552,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/34542\/revisions\/34552"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=34542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=34542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=34542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}