North Sea oil and gas in 'paper-thin' position as prices plunge

Market collapse could halve production revenues as UK economic crisis bites, says report

The North Sea oil and gas industry is in a "paper-thin" position as global oil markets plummet towards 18-year lows amid the UK's economic emergency, according to a report.

An industry trade body said investment in the ageing oil basin, which supports about 250,000 jobs in the UK, was expected to slump by almost a third because of the market collapse.