Yahoo: North Sea Industry Shake-Up Call

The new North Sea regulator has issued an urgent call to action in a report setting out the immediate risks ahead for UK oil and gas industry.

Oil and Gas Authority (OGA) chief executive Andy Samuel said a more competitive and efficient operating environment must be created if the economic potential remaining in the North Sea was to be unlocked.

The future of the oil and gas sector depends on collective leadership from the industry, the Government and the authority, he said.

The latest report comes a day after the UK industry reported its worst annual performance in 40 years. Oil & Gas UK reported a negative cash flow of £5.3 billion in 2014 - the worst since the 1970s.

Read the full article HERE.