Sir Ian Wood's fears for the future of the North Sea
Sir Ian Wood's been talking to Northsound News about his concerns for the oil and gas industry. He's the former oil boss who's been advising the UK Government on securing the future of the sector.
He fears the North Sea sector's in a downward spiral - and he's identified three factors which could turn that around.
First - he says firms need to bring down costs - because this is the most expensive offshore sector in the world to operate in. He also says the Chancellor's statement next month will have to be positive for the industry. And he thinks the Wood Review on maximising our oil and gas resources needs to be pushed through in full. A major step in that review will happen in the New Year, when the new Oil and Gas Authority comes into force.
Sir Ian's been talking to Northsound as he's given by a Lifetime Achievement Award by the Oil Council - made up of top industry figures from around the world.