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The North Sea oil industry is “close to collapse”, an expert has warned, as a slump in prices piles pressure on drillers to cut back investing in the region.Robin Allan, chairman of the independent explorers’ association Brindex, told the BBC that it is “almost impossible to make money” with…

The UK’s oil industry is in “crisis” as prices drop, a senior industry leader has told the BBC.

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…

West Texas Intermediate oil rebounded after sliding below $55 for the first time in more than five years in New York trading.

WTI for January delivery gained 83 cents, or 1.5%, to $56.74 a barrel on the New York Mercantile Exchange.

Futures earlier touched $53.60, the lowest since May 2009.

Brent for…

Written by Professor Alex Russell and Professor Peter Strachan – 16/12/2014 6:00 am
The problem with the UK’s North Sea oil sector is that its production costs are higher than those in most other world regions and have been spiralling upwards at an alarming rate for the past 10 years.

Even when Brent Crude…

MAJOR new North Sea oil projects could be shelved as a result of plummeting prices, a leading industry analyst has warned.

MAJOR new North Sea oil projects could be shelved as a result of plummeting prices, a leading industry analyst has warned.
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