By London Energy

LONDON (MarketWatch) -- The U.K. government will launch a review of environmental regulation of North Sea oil and gas rigs in January following BP PLC's (BP.LN) oil spill in the Gulf of Mexico, the Sunday Telegraph reports.

A spokesman for the U.K. Department of Energy and Climate Change confirmed the move, the paper says.

The conclusions of the review are expected to be published in May, the paper says.