Downbeat forecast for sector

Hopes of a new boom in the North Sea oil and gas industry in coming years could be dashed after official forecasts for the sector were slashed.

The Office for Budget Responsibility again downgraded projections for the industry yesterday, with the Treasury now expected to get £700million less in the next six years than forecast in December.

The figures also predict a fall of more than 40% in oil and gas revenues this year, compared with last year.

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