Tom Greatrex MP, Labour's Shadow Energy Minister, commenting on the establishment of a review of UK offshore oil and gas recovery led by Sir Ian Wood, said:
"The UK continental shelf is likely to be a significant contributor to our energy resource and industry for some time to come, but there remain significant challenges for government, industry and regulators to address.
"North Sea oil reserves are declining and, by record, volatile. In an international industry with a maturing workforce and ageing infrastructure, it is important to keep a relentless focus on safety and sustainability.
"After George Osborne's botched 2011 budget, Labour called for the reinvigoration of PILOT and a long term focus on the future of our indigenous offshore industry. Sir Ian Wood brings experience and knowledge to help make that approach a reality - with engagement with the supply chain, workforce and government this is a good opportunity to set the long term path for the UK industry."