UPI: Report - British North Sea Won't Rebound Until 2017

The British oil and gas sector is in a short-term decline with no chance of recovery for at least two years, an industry planner told the Financial Times.

Low crude oil prices, down about 50 percent from last year, has forced energy companies to cut spending on exploration and enact layoffs in an effort to reserve capital. Ian Wood, a retired businessman who last year charted a North Sea recovery,told the Financial Times crude oil prices would likely stay low for at least two more years.

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