Commentary on Sections Recovery of UK petroleum
240.On 10 June 2013 the Secretary of State of Energy and Climate Change announced a review of UK offshore oil and gas recovery and its regulation, led by Sir Ian Wood. The final report of Sir Ian’s UK Continental Shelf Maximising Recovery Review was published on 24 February 2014.
http://www.woodreview.co.uk/documents/UKCS%20Maximising%20Recovery%20Review%20FINAL%2072pp%20locked.pdf
241.The report identified a number of key issues including the following:
	The need for operators to focus on maximising economic recovery for the UK as well as pursuing their individual commercial objectives.
	The need for a greater resourced and more proactive regulator.
	The need for significantly improved asset stewardship.
	The need for far greater constructive collaboration between operators.
	The need for better implementation of industry strategies.
242.To address these issues, Sir Ian made a number of principal recommendations, including that a maximising economic recovery of UK petroleum strategy be developed with the regulator exercising its functions with a view to maximising the economic recovery of petroleum from UK waters.
243.The Government has accepted the findings of the report and published its response on 16 July 2014
https://www.gov.uk/government/publications/government-response-to-sir-ian-woods-review-of-the-uk-continental-shelf-ukcs