UK OIL REVOLUTION
Noting the figures published today by the ONS showing the continuing
serious decline in profitability of the UK oil and gas industry, Oil
& Gas UK’s chief executive, Malcolm Webb, commented: “These shocking
figures underline the very serious challenges the sector faces. After
more than a decade of spiralling costs, over-taxation and weak
regulation, the UK offshore oil and gas industry is now bottom of the
league in terms of the cost of producing a barrel of oil and gas. The
UK’s difficulties have been greatly exacerbated by the sudden drop in
oil price but it would be a grave...
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