The foundation of a new oil and gas body is to be announced by Chief Treasury Secretary, Danny Alexander, later today. The aim of the new body will be to increase collaboration in the petroleum industry, whilst securing the long-term future of the North Sea oil and gas industry.

According to sources, the new body is to be named Oil and Gas Authority and will be based in Aberdeen, a logical selection, given the pre-eminence of the city in the sector in UK and worldwide as well.

The new body is the result of long term negotiations and discussions among government officials and oil and gas experts. A review carried out by oil and gas magnate Sir Ian Wood has previously highlighted the significance of the establishment of a new independent agency, in order to maximise the economic impact by increasing collaboration across the industry.

This new authority will probably follow the logic of this report commissioned by the UK Government from Sir Ian Wood, who had suggested financial support for the industry from the state combined with a stricter regulatory framework, in terms of health and safety issues, as well as a more efficient way to thrive the benefits from oil and gas exploration in the UKCS.

http://www.yournorthseaoilnews.com/danny+alexander+announces+new+oil+and+gas+authority+to+be+based+in+aberdeen_102149.html