Britain Plans Creation of New Oil and Gas Regulator

Reuters reported that Britain plans to create a new oil and gas regulator in order to help exploration companies in the United Kingdom “speed up their search” for the fuels. The move was prompted by “plunging North Sea production rates.”

As quoted in the market news:

A government-commissioned report published on Monday said Britain could lose out on a potential 200 billion pounds (US$335-billion) worth of oil and gas output if measures proposed in the report are not followed.

The country’s oil and gas output has fallen around two thirds since its peak at the turn of the century, but up to 24 billion barrels of oil equivalent (boe) are expected to still come out of the ground.

Click here to read the full Reuters report.