Oil and gas investors stoke 70s-style boom
INVESTMENT in the vital North Sea offshore sector soared over the last 12 months to its highest level since the boom of the 1970s.
But analysts warned last night that, although prospects for this year are bright, the spending spree is expected to slow in 2015.
And there were fresh calls for operators, government and regulators to heed industry doyen Sir Ian Wood’s call for them to work together to maximise the UK’s remaining oil and gas reserves. Global energy consultancy group Wood Mackenzie said the rush to pump money into the sector which started in 2011 continued through all of 2013 as capital investment reached £13.5billion.
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