A new independent body has been formed in the UK to attract the oil industry and spur oil and gas production to turn the tide on dwindling tax revenues in the North Sea region. The announcement was made at the Oil and Gas UK Annual Conference. UK Chief Secretary to the Treasury, Danny Alexander told delegates that the Authority will work with government to review the ring-fenced tax scheme, including discussions with industry on its views on taxation and tax allowances. The new entity will be based in Aberdeen. A search for a new chief executive for the Authority is underway.