Oil and gas industry in 'bleak' 2014, finds survey

Tuesday, 24 February 2015 - 13:43

The UK offshore oil and gas industry has reported its worst annual performance for four decades.

Industry body Oil & Gas UK said falling oil prices and rising costs meant the sector spent and invested 5.3 billion pounds more than it earned from sales during 2014.

That outflow of cash was the biggest since massive investment in platforms in the 1970s preceded the flow of oil.