LONDON, June 20 (UPI) -- The British government said it was looking for a top quality executive to serve as the steward for offshore oil and natural gas reserves.
The British government in February said it was moving forward with recommendations from retired businessman Ian Wood, who led a panel tasked with finding ways to breathe new life into North Sea reserves.
Part of Wood's recommendation was the establishment of the Oil and Gas Authority, which would serve as an "arm's length body" funded by the industry.
The British Department of Energy and Climate Change said it was now looking for a chief executive to lead the new body.
"The CEO of the new body will be at the forefront of the future of the UK's oil and gas industry," the DECC said Thursday.
The British government has said it expects to secure $330 billion in the next two decades through the recovery of the 3 billion to 4 billion barrels of oil equivalent left in the North Sea.
Oil and natural gas production in the North Sea declined by 40 percent in the past three years.
The region's economy relies on the North Sea for about half of its used resources and Wood said there were still opportunities off the British coast.