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Tuesday, 25th February 2014

UKCS Maximising Recovery Review: Final Report (Wood Review)

Source: Wood Review (UK)

From Executive Summary:

The UK’s oil and gas industry makes a substantial contribution to the UK’s energy security, economy and employment. Production from the UK Continental Shelf (UKCS) met 67 per cent of the UK’s oil demand and 53 per cent of gas demand in 2012, supported the employment of 450,000 people across the UK, and in 2012-13 the industry paid £6.5 billion in corporate taxes on production.

Some 42 billion barrels of oil equivalent (boe) have already been produced from the UKCS and it is estimated that a further 12 to 24 billion boe could be produced.

Whilst the UKCS is one of the most mature offshore basins in the world, it is not uniform and comprises a diverse mix including some frontier areas and new plays. Investors face new challenges as discoveries are generally smaller and more expensive to exploit, fields are operated by an increasingly diverse mix of companies who are far more interdependent than before, and some operating assets are more than 30 years old – at or beyond the end of their originally intended design life....

The problem is not our licensing model, which works successfully in most countries which are not monopolised by national oil corpor ations. The problem is that the light touch regulation applied in the early days of large fields and large operators, must now be evolved to take account of a basin with over 300 fields, much smaller new discoveries, many marginal fields and much greater interdependence in exploration,development and production.

+ Direct link to Final Report (PDF; 7.1 MB)



Having begun his career in academic libraries, Adrian Janes has subsequently worked extensively in public libraries, chiefly in enquiry work as an Information Services librarian. In this role he has had particular responsibility for information from both the UK Government and the European Union. He wrote a detailed report on sources for the latter which was published by FreePint in 2007, and has contributed articles to FreePint and ResourceShelf. He is involved in training in information literacy and the use of online reference resources.

A Contributing Editor to DocuTicker, he also write reviews for Pennyblackmusic.

Adrian can be reached at adrian.janes@freepint.com

More articles by Adrian Janes »

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