Andy Samuel has signed on for a three-year tenure with the new regulator, which is tasked with maximising economic recovery from the UK’s declining North Sea oil and gas fields by implementing the findings of the Wood Review on the future of the sector.
“I know first-hand the challenges industry currently faces and am confident that implementing the vision set out in the Wood Review will create a strong future for the UK’s oil and gas industry. I have much enjoyed my time at BG Group, with a lot to be grateful for, and am now looking forward to establishing the OGA and setting its priorities in the New Year,” Samuel said.
The Wood Review found that by implementing a set of new measures overseen by a dedicated sector regulator the UK could recover an additional 3-4 billion barrels of oil equivalent over the next 20 years.
The government has also opened a call for evidence, asking industry and others for their views on how best to deliver the next stage of Sir Ian Wood’s recommendations and on the governance and scope of the new regulator.