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

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.

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