Cheap crude threatens UK’s North Sea production

‘Britain’s North Sea oil industry is “standing at the edge of a chasm”, says an official report warning nearly half of the country’s fields could face losses and closure at current low crude prices.

The annual UK Oil and Gas survey says over a hundred oil fields may cease production by the end of the decade. Current output levels could halve to nearly 800,000 barrels of oil equivalent per day by 2025, the report adds.’

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