UK Offshore Energy Sector Needs Regulating, Says New Report

MarineLink.com
Tuesday, November 12, 2013
Image courtesy of Shell

The equivalent of 41 billion barrels of oil have already been produced from the UK Continental Shelf, but production is declining. Improving the way the UK's offshore oil and gas industry is regulated could boost the economy by £200bn over the next 20 years, according to a new government-commmissioned report by retired oil tycoon Sir Ian Wood, reports BBC Scotland.

The current regulator, which is situated within the Department of Energy and Climate Change (DECC), is now significantly under resourced and far too thinly spread to effectively manage the increasingly complex business and operating environment, Sir Ian finds in his report.

He pointed to the rapid fall in production efficiency as an indication of poor asset stewardship by the industry, which the regulator had not been able to adequately confront.

Sir Ian called on the DECC to establish a new arm's length regulatory body to take on the stewardship role for the next phase of the UK Continental Shelf (UKCS) which would be appropriately resourced and equipped with additional powers to achieve greater co-ordination of activities and collaboration, closer in style and influence to neighbouring North Sea regulators.

Source: BBC Scotland

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Young Taken on PESA Advisory Board

Hoover Container Solutions’ chairman and CEO, Donald Young, has been nominated and elected to the Petroleum Equipment & Services Association (PESA) Advisory Board for a three-year term.

US Navy Tests Latest Aegis Weapon System

The U.S. Navy conducted a series of cooperative air defense test exercises with the Spanish navy that culminated in live missile firing events using the latest Aegis Weapon System baseline July 20-21.

Antwerp Port CEO Scoops Baron Title

After 25 years as CEO of Antwerp Port Authority, Eddy Bruyninckx has been raised to the nobility by H.M. the king of Belgium with the rank of baron. In Belgium

News

Canadian Authorities seek to contain oil spill moving down river

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

ASEAN in Discord Ahead of Meeting with top China, U.S. Diplomats

Southeast Asian nations were thrown into disarray after Cambodia on Saturday blocked them from issuing a statement referring to an international court ruling against

Government Update

Canadian Authorities seek to contain oil spill moving down river

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

ASEAN in Discord Ahead of Meeting with top China, U.S. Diplomats

Southeast Asian nations were thrown into disarray after Cambodia on Saturday blocked them from issuing a statement referring to an international court ruling against

Offshore Energy

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Boskalis Awarded Aberdeen Offshore Wind Farm Contract

Royal Boskalis Westminster N.V. (Boskalis) has been awarded the Offshore Balance of Plant contract by Vattenfall for the construction of Aberdeen Offshore Wind Farm,

Underwater Engineering

Pathogenic bacteria hitchhiking to North and Baltic Seas?

For the first time, AWI scientists have found evidence of living, potentially pathogenic vibrions on microplastic particles. With increasing water temperatures

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Great Lakes Dredging Awards Announced

Great Lakes Dredge & Dock Corporation announced that it was recently awarded four contracts with an approximate value of $93 million. Great Lakes received two

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1357 sec (7 req/sec)