Lobby group Oil & Gas UK warns chancellor that decline in production puts jobs, tax revenues and energy security at risk
The North Sea oil industry has urged the chancellor to hand it a rescue package of tax breaks in next week’s budget, warning that the sector is “fighting hard for its survival” amid rock-bottom prices.
The lobby group Oil & Gas UK said about 14bn barrels of an estimated 20bn barrels of oil lying beneath the UK continental shelf in the North Sea would not be extracted unless conditions for the industry improved.