Tue 21 July 2009, Financial Times

Who declining North Sea oil will hurt most

By Kate MacKenzie
The moribund outlook for North Sea production has been the talk of the UK oil and gas industry for much of this year. Dramatic numbers such as a 78 per cent year-on-year fall in exploration wells drilled in the first quarter sent the industry into a spin, and UK Oil & Gas, the industry group, has been repeating its calls for tax relief, arguing that a dramatic slowdown in investment could mean that some recoverable oil and gas is never produced.

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