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UK oil and gas industry reports worst performance in decades

  • Britain’s offshore oil and gas sector’s annual performance is the worst in four decades.

    Because of dropping oil prices and increasing costs, the industry invested and spent £5.3 billion more than its sale earnings in 2014, according to the sector’s annual survey.

    Investment in the industry is expected to decrease in 2015, it said.

    The UK government has said that the report underlined the need for a “concerted and joined-up approach” between the state, the oil and gas authority and industry for continued “investment and exploration” in the North Sea.

    Tagged as: UK, offshore oil, gas, oil prices, annual survey, gas authority, North Sea, business news