The British oil industry report full collapse in investments in oil and gas within the UK border of the North Sea.
The annual investment figures from trade association Oil & Gas UK reveals that the companies plan to invest 1 billion pounds (12.1 billion Norwegian kroner). In comparison, the level has been around 8 billion pounds (97.3 billion Norwegian kroner) in recent years.
– We are really fighting for our survival , CFO Mike Tholen in Oil & Gas UK, says.
Production in the UK has fallen from 4.6 million barrels a day in 1999 to 1.6 million barrels a day last year.
The oil and gas industry is now asking that the British government cut taxes “to minimize capacity cuts during the downturn.”
In January the British authorities decided to provide emergency aid for just over 3 billion to the British oil industry, which is struggling with the low prices of oil.
Source: NTB scanpix / Norway Today