{"id":45105,"date":"2014-07-16T11:20:58","date_gmt":"2014-07-16T11:20:58","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=80479b6708e60c2e801957e975c80b3c"},"modified":"2014-07-16T11:20:58","modified_gmt":"2014-07-16T11:20:58","slug":"press-release-government-commits-15m-to-kickstart-new-regulator-in-response-to-wood-review","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=45105","title":{"rendered":"Press release: Government commits \u00a315m to kickstart new regulator in response to Wood Review"},"content":{"rendered":"
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The Government today announced it would contribute short term funding of \u00a315 million over five years to help kickstart the establishment of a new arm\u2019s length regulatory body in the official response to Sir Ian Wood\u2019s review into improving efficiencies in the UK\u2019s offshore oil and gas industry.<\/p>\n

The Government\u2019s one-off contribution to help fund the new regulator was the only major change to the recommendations, which the Government had already accepted and fast-tracked when the report was first presented in February.<\/p>\n

The \u201cUKCS: Maximising Economic Recovery Review\u201d was set up by Secretary of State Ed Davey in June 2013 and detailed how the British economy could receive a potential \u00a3200 billion boost over the next 20 years through the recovery of an additional 3-4 billion barrels of North Sea oil and gas, reducing imports and increasing UK energy security. <\/p>\n

While in the long term the new Oil and Gas Authority (OGA) will be 100 percent funded by industry, the Government contribution of \u00a33m funding for 5 years from 2016\/17 is to demonstrate commitment to the OGA and ensure it is established as quickly as possible.<\/p>\n

Secretary of State Ed Davey said:<\/p>\n

\u201cThe Wood Review is good for our energy security, good for the economy and good for jobs.\u201d <\/p>\n

\u201cWe\u2019ve made a lot of progress in a short amount of time \u2013 in six months we have announced the new body will be located in Aberdeen, we\u2019re recruiting for a world-class CEO, and we already have the legislative framework for the new body underway.\u201d<\/p>\n

\u201cThis pace shows how determined we are to maximise the future potential of the UK\u2019s offshore oil and gas industries which currently employ 450,000 people in the UK. As our Carbon Plan shows, the UK will need oil and gas in the decades ahead as we decarbonise, so it makes economic and energy security sense to produce that domestically\u201d<\/p>\n

Other recommendations formally accepted included:<\/p>\n