Scottish independence: Wood calls for new oil and gas regulator

Sir Ian Wood's final report on the future development of the oil and gas sector calls for a new UK regulator to be established to replace the "under-resourced and under-powered" Department of Energy and Climate Change.

Both Prime Minister David Cameron and First Minister Alex Salmond have said they accept the recommendation.

Sir Ian told BBC Scotland a new approach is needed because production, efficiency and exploration are all down.

He said: "Its key function, frankly, will be to facilitate and catalyse and remove barriers and get operators to work much better together with the overall end result of recovering much more oil and gas in a win-win situation."