UK: Oil and Gas Sector Welcomes New Independent Regulator
- Business & Finance
Oil and gas bosses have welcomed news of a new independent regulator for the sector, which is to be based in Aberdeen.
During an industry conference, Chief Secretary to the Treasury Danny Alexander, said the city would be the home for the new organisation, to be called the Oil and Gas Authority and that the organisation will collaborate on a “wholesale review” of the tax regime for the sector with the UK government, including “everything from tax rates to tax allowances”.
The new regulator is being set up in response to a review of the sector by Sir Ian Wood for the UK government, which recommended a new regulator be established as the current one is ”no longer adequate” to meet the challenges of managing an ”increasingly complex” sector.
Eric Doyle, Regional Director – Europe at Aquaterra Energy, said: “This new independent regulatory body is excellent news for our industry, and received widespread support from the very first recommendations made by Sir Ian Wood in February.
“Since then the government has implemented a number of recommendations from the Wood Report, which many in the industry believe could add a potential £200 billion to the UK economy over the next two decades. Aquaterra Energy anticipates that this new oil and gas body will help to foster innovation and investment for our industry, which supports thousands of jobs across Scotland and the rest of the UK.”
Press Release, July 14, 2014; Image: