U.K. North Sea Oil Spending to Drop 40% This Year From 2014
- Operators to invest 9 billion pounds in 2016, lobby group says
- U.K. North Sea output set to increase 2.3% this year: lobby
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Oil and natural gas producers in the U.K. North Sea will spend 40 percent less this year than in 2014 as low crude prices force them to tighten budgets, the industry’s lobby group said Tuesday.
The drop in spending could threaten future production, Oil & Gas U.K. said in a report, potentially halving it by 2025 from current levels if “fresh investment opportunities” fail to materialize, the group said.