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LONDON, Feb 24 (Reuters) - Britain's oil and gas industryshould pay for the creation of a new regulator which would helpcompanies extract as much oil and gas as possible from North Seafields, a government-commissioned report said on Monday.
The Wood Review, the first strategy assessment of thecountry's oil and gas potential in more than 20 years, also saidthe regulator should only approve new investments if companiesprove they are exploiting resources to their full.
"I believe industry will have to pay, but in return shouldbe granted appropriate service level agreements," said Sir IanWood, author of the report and former chairman of oil servicescompany Wood Group.
Wood also recommended the regulator should enforce rules forcompanies to share exploration data more quickly.
The government said it fully backed the recommendationswhich it would implement immediately.
Some of the biggest investors in Britain's North Sea oil andgas sector include BP, Statoil and Shell.
