Impact assessment

Implementation of the Wood Review proposals for UK offshore oil and gas regulation.

This publication was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Impact Assessment on Implementation of the Wood Review proposals for UK offshore oil and gas regulation.

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Detail

The impact assessment accompanies the Phase 1 proposals to implement the Wood Review recommendations – the powers to charge a levy and the establishment of the MER UK principles in statute. Without further secondary legislation these will not have a direct impact on business. This IA does however provide an estimate of the potential net benefit to business of between £20.7 billion and £56.3 billion (net present value), primarily as a result of greater oil extraction from the North Sea, associated with the implementation of all the Review’s recommendations.