Oil industry on brink of COLLAPSE as projects in North Sea plummet by £7 BILLION

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Representative body Oil and Gas UK revealed in its annual survey that only £1 billion was expected to be granted for new projects compared to the £8 billion usually offered on an annual basis.

The body warned the long-term future of the oil industry is now at risk, calling on the Government to reduce taxes “to minimise the loss of capacity in the downturn”.

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