UK Minister Reveals Oil, Gas Regulator Details

The new regulator for the UK's oil and gas industry was named, and its Aberdeen headquarters confirmed, by Chief Secretary to the Treasury Danny Alexander at an industry event in Aberdeen Thursday.

In a speech outlining the UK government's vision of future of the oil and gas industry Alexander noted that the North Sea is a "hugely important asset to our country", while revealing that the name of the new industry regulator would be the Oil and Gas Authority.

Welcoming the announcement, Oil & Gas UK Chief Executive Malcolm Webb said:

"The new regulator is now much more than just a vision or a theoretical construct. It is beginning to take shape, with a name, a location and – as we heard at the conference yesterday – the search for the new chief executive is underway. This is all very good news for our industry and we look forward to the creation of the new regulator over the coming weeks and months."

The two-day conference, Oil & Gas UK's first annual conference, closes Thursday.


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