Government names new Oil and Gas body

Chief Secretary to the Treasury Danny Alexander. Photo: Danny Lawson/PA Wire Chief Secretary to the Treasury Danny Alexander. Photo: Danny Lawson/PA Wire

Thursday, June 12, 2014
2:53 PM

The government has announced a new body tasked with enhancing the performance of the UK’s oil and gas industry.

To send a link to this page to a friend, you must be logged in.

Danny Alexander, chief secretary to the Treasury, has revealed that the new regulator will be called the Oil and Gas Authority, with its headquarters based in Aberdeen.

The announcement came as Mr Alexander opened the second day of the industry body Oil & Gas UK’s annual conference.

Retired oil tycoon Sir Ian Wood – who was also a speaker at the conference – pushed for the government to overhaul its current regulation body linked to the Department of Energy and Climate Change amid claims that it was “significantly under resourced and far too thinly spread”.

An improved regulatory body could help add a further £200bn to the UK economy over the next 20 years, according to Sir Ian’s highly-regarded Wood Report, which analysed the vitality and future production value of the UK’s oil and gas industry.

In welcoming the announcement, Malcolm Webb, Oil & Gas UK’s chief executive, said: “The new regulator is now much more than just a vision or a theoretical construct.

“It is beginning to take shape, with a name, a location and – as we heard at the conference yesterday – the search for the new chief executive is underway. This is all very good news for our industry and we look forward to the creation of the new regulator over the coming weeks and months.”

1 comment

  • Has anyone told Mr Alexander that after this year, the gas and oil overlord may be in a foreign country? Or does he know something we don't?

    Add your comment | Report this comment

    Bazza46

    Friday, June 13, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

ADVERTISEMENT

ADVERTISEMENT

Most read business stories

Aviva flag on the company's heaquarters on Surrey Street, Norwich.
For : Evening News
Copy : Sam Williams
Photo : Steve Adams
Copyright Archant Norfolk

Aviva takeover would spark 1,500 job losses

Aviva will embark on a cost-cutting drive leading to 1,500 job losses if its £5.6bn takeover of Friends Life wins the backing of shareholders.

Read full story »

loading...

ADVERTISEMENT

ADVERTISEMENT