Falling oil prices threaten offshore oil and gas industry’s profitability in Britain’s North Sea
If Brent crude, the North Sea benchmark, remains in the $60 to $70 range, at least 85% of British offshore oil and gas resources in the planning stages are at risk of being dropped, according to Wood Mackenzie. That could mean the abandonment of $27 billion worth of planned development and a threat to the jobs of nearly half a million people in Britain who work directly or indirectly in the oil industry, reports the New York Times.

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