Herald Scotland: North Sea Oil and Gas Firms Told to Collaborate to Ensure the Area Has a Future
Oil & Gas UK said co-operative working will be crucial to helping the industry cope with the slump in the crude price since June, which left many North Sea fields making losses.
The organisation reckons the industry needs to boost efficiency by around 40 per cent within five years to put the North Sea back on a healthy footing.
A range of oil and gas producers have slashed spending and jobs in the North Sea in response to the price fall. However, Oil & Gas UK warned such cost cutting will only have a limited impact unless it is accompanied by a big change in behaviour in the competitive industry.
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