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 Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

News

SAAM SMIT Towage Brazil Signs on with Helm

Helm Operations has signed on Brazilian harbor services company SAAM SMIT Towage to its Helm Marine Operations software to manage its billing and dispatch.    SAAM

Siemens Wins Vessel Electrical Installation Contract

Nautilus Minerals Inc. announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd.

Delivery Begins for HMS Prince of Wales Bridge

The bridge section of the U.K.’s second Queen Elizabeth Class aircraft carrier has been loaded out of its dock hall in Glasgow ahead of its first sea voyage to Rosyth.

Government Update

Underway on LNG

On 17 January 1955, Commander Eugene P. Wilkinson, USN, the first Commanding Officer of USS Nautilus (SSN 571) signaled the memorable and historic message “Underway on nuclear power.

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

ICS Chairman Warns of Regional Regulation Chaos

Addressing members of the Singapore Shipping Association, the Chairman of the International Chamber of Shipping, Masamichi Morooka, warned about the dangers of

Offshore Energy

CWind Orders More Composite Workboats

CTruk has won an order for two more of its 22m multi-purpose catamaran Wind Farm Service Vessels (WFSVs). Both will be delivered to offshore wind service supplier

Kongsberg Simulators to Enhance GoM Offshore Training

‘Fideicomiso de Formación y Capacitación para el Personal de la Marina Mercante Nacional’ (FIDENA), on behalf of Mexico’s Secretariat of Communications and Transportation

African, Chinese Shipbuilders Form Partnership

Southern African Shipyards (SAS) has entered into a Memorandum of Understanding (MOU) with China Shipbuilding Trading Company (CSTC), a subsidiary of China State Shipbuilding Corporation,

Underwater Engineering

Taylor to Chair NOIA Board

The National Ocean Industries Association (NOIA) Board of Directors has elected Cindy B. Taylor as Chair and Kevin McEvoy as Vice Chairman for the upcoming 2015-2016 term.

China Constructing Sea Outposts, US Warns

The U.S. military commander for Asia warned that, China could eventually deploy radar and missile systems on outposts it is building in the South China Sea that

Murmansk Region Head for Zoning Arctic Territories

Murmansk Governor Marina Kovtun, at the first meeting of the State Commission for the development of the Arctic has proposed a change to the system of energy

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2576 sec (4 req/sec)