STV: Investment in North Sea oil and gas falls 'substantially'

Investment in North Sea oil and gas has fallen substantially in the last year amid reports that companies are biding their time until after the chancellor's Autumn Statement.

George Osborne should make the North Sea fiscal regime more predictable, with lower taxes and more incentives to boost activity, investors have told professional services firm Deloitte.

Just four deals were announced in the three months to September, down slightly on five in the previous three months but "substantially lower" than the 14 announced in the same period in 2013.

Derek Henderson, senior partner in Deloitte's Aberdeen office, said the drop in deals may be down to North Sea operators waiting for clarity about the future of the UK Continental Shelf (UKCS).
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