UK launches review of offshore oil, gas

06/17/2013
The UK government has launched an independent review of nontax influences on offshore oil and gas activity, acknowledging the need for careful management of a mature but still-promising industry. Edward Davey, secretary of state for energy and climate change, said Ian Wood, retired chair of Wood Group, will lead the initiative. Davey said he expects "emerging conclusions" to be published in the coming UK autumn and a final report and recommendations early in 2014. "Declining exploration and production rates, aging infrastructure and declining production efficiency, and the risk of premature decommissioning of key infrastructure all need to be addressed if we are to extract ...
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