UK’s North Sea

UK’s North Sea

North Sea oil industry ‘close to collapse’
The UK’s oil industry is in “crisis” as prices drop, a senior industry leader has told the BBC.oilbarrel

Oil companies and service providers are cutting staff and investment to save money.

Robin Allan, chairman of the independent explorers’ association Brindex, told the BBC that the industry was “close to collapse”.
Almost no new projects in the North Sea are profitable with oil below $60 a barrel, he claims.
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