The UK government recently announced that it plans to implement policy recommendations from Sir Ian Wood to maximise the nation’s remaining offshore oil and gas reserves.

The plans include setting up a new regulator to oversee the nation’s oil and gas industry and improving collaboration between industry leaders and the government, which Sir Ian Wood believes could add a potential £200 billion to the UK economy over the next 20 years. In his report, Sir Ian outlines a number of improvements for the industry, including revitalising exploration to ensure recoverable oil and gas resources, and developing said resources on a regional basis, rather than by individual field, to maximise their value and extraction potential.

Eric Doyle, Regional Director – Europe at Aquaterra Energy, said: “New regulation for the oil industry in the North Sea will help revitalise exploration in this key region, and ensure oil and gas resources in the UK are able to reach their full potential. By bringing in new regulation and fostering further collaboration between government and industry, the economic potential for this region can be fully realised.

“Aquaterra Energy has considerable experience in the North Sea and provides a complete project delivery service, from conceptual design and engineering analysis to construction, installation, service and maintenance. One of our biggest achievements in the North Sea region was the comprehensive design, delivery, and implementation of a ‘world first’ High Pressure 10,000psi rated, 25” OD full bore drilling riser system and we hope to add to these achievements in the near future.”