North Sea oil industry ‘close to collapse’: Experts’ warning that oil price plunge is not all good news for UK economy
Oil tycoon and government adviser Sir Ian Wood says 10% of jobs could go
Premier Oil boss Robin Allan says at current oil prices it is ‘almost impossible to make money’
Brent crude has nearly halved in price on world markets since June
By LAURA CHESTERS
Thisismoney.co.uk
18 December 2014
The tumbling oil price has left the UK’s North Sea oil industry ‘close to collapse’ experts warned today
North Sea oil and gas tycoon and government adviser Sir Ian Wood has said around 10 per cent of jobs may go, while Robin Allan, chairman of the independent explorers’ association Brindex and Premier Oil executive, said today that at current oil prices it is ‘almost impossible to make money’.
A report into the sector found 35,000 jobs could go over the next five years following the sharp fall in the price of oil. Brent crude has nearly halved since June and touched over a five-year low this week amid increased US shale oil supply and the continued output from Opec.
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