Oil and gas investment “collapsing”

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Oil and gas investment "collapsing" despite cost-cutting

Image caption The North Sea industry has struggled amid low oil prices

Investment in new offshore oil and gas projects is collapsing despite cost-cutting efforts, according to a report.

Industry Body Oil and Gas UK said that less than £1bn was expected to be spent on new projects this year, compared to a typical £8bn per year in the last five years.

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