The Autumn Statement unveiled some immediate changes to the oil and gas fiscal regime and, more importantly, an agenda for further reform was announced. Claire Angell (KPMG) reviews the announcements and related priorities for companies
In 2013 the government commissioned a review to look at the future of the oil and gas industry in the UK. The report published in February 2014 was authored by Sir Ian Wood and has become known as the Wood Review.
The Wood Review recommended a tripartite approach to the problems facing the oil and gas industry in the UK whereby government industry and a new independent body (now called the Oil and Gas Authority (OGA)) would be tasked with maximising economic recovery from the UK and the UK Continental Shelf (UKCS).
The current oil...
