An industry body has urged the government to fast-track radical energy sector reforms in the wake of the falling oil price.

Simon Gray, chief executive of the East of England Energy Group (EEEGR), has called for swift action to be taken in rolling out the recommendations of the Wood Review – a blueprint for maximising the recovery of the remaining oil and gas reserves in the North Sea.

In a letter to the government, Mr Gray said the needs of companies servicing the Southern North Sea from Norfolk and Suffolk must considered when deciding the future of industry policy.

And he also pressed for the new Aberdeen-based oil and gas regulator to build close connections with companies in the east of England by establishing a presence in the area.

It comes as the UK oil industry faces job cuts and project cancellations caused by a supply glut, which has seen crude plummet below 60 US dollars (£38) a barrel.

'The Wood Review came up with very good recommendations,' Mr Gray's letter stated. 'But we are increasingly concerned about the amount of time it is taking for the government to implement the measures set out.

'The timescale should be speeded up as much as possible, particularly given the falling price of oil and the ongoing decline in production rates.

'The offshore oil and gas industry has a pessimistic outlook for the first time since 2009.'

It is estimated that North Sea oil and gas exploration supports 450,000 jobs in the UK and paid £6.4bn in corporate taxes in 2012. The findings of the Wood Review claim to be able to greatly enhance the current recovery of oil and gas assets in the North Sea and bring a £200bn boost to the UK economy.

A spokesman for the Department of Energy and Climate Change said: 'The oil and gas industry is important to the UK, and we're continuing to implement the Wood Review recommendations in the most efficient and practical way to make the most of our domestic resources.

'As part of this, Andy Samuel started as chief executive of the new Oil and Gas Authority yesterday.'

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