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U.K. North Sea Oil Industry Warns Investment May Fall 80% to '17

  • Workforce already cut by 15%, more reductions predicted
  • Companies `hard-pressed' to invest amid falling oil prices
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Investment in U.K. North Sea oil and gas projects could drop as much as 80 percent by 2017 as the collapse in crude prices forces the industry to cut back.

Capital investment across the industry of 14.8 billion pounds ($22.8 billion) last year will probably decline by 2 billion to 4 billion pounds annually to 2017, Oil & Gas U.K., an industry lobby group, said in its annual economic report Wednesday.