Oil and Gas News
Ian Wood - Britain faces £200bn oil loss
$50 oil prices could lead to the early decommissioning of North Sea facilities and the loss of 6bn barrels of oilIn a stark warning to the Government over the future of the North Sea, one of the oil industry’s leading figures, has warned that 6bn barrels of oil reserves – a third of what remains under the seabed – worth £200bn may be abandoned unless radical steps are taken to reform the tax regime for offshore drilling.