Low oil prices have left the British oil and gas industry "on the brink", warning according to a report released today by the management of the sector in the UK, Oil and Gas UK.
EFE
Although Britain's oil production rose 9.7% in 2015 to 1.64 million barrels per day, revenues fell by 30% in fiscal year 2014-2015 to 18,100 million pounds (23,150 million euros ), the report said.
The CEO of Oil and Gas UK, Deirdre Michie said the investment dedicated to the exploration of new deposits are at historic lows and that "there are no signs of improvement" in the horizon.
During 2015, the number of farms in the UK who have announced their closure by 2020 has risen about 20% to more than a hundred.
Despite the industry plans to cut its operating costs by 42% in 2016, compared to 2014, about half of the holdings of companies associated with the employer expected to record losses this year if oil remains at the level of the $ 30 a barrel.
Oil prices have fallen more than 70% in the last year and a half due to oversupply that has saturated the market and the refusal of the major producers to lower their level of pumping.
Following the publication of the report of Oil and Gas UK, a spokesman for the British Government he said that the government "supports 100% the gas industry and the British oil and the thousands of workers and families that sustains".
The spokesman stressed that the government has included a fiscal package of 1,300 million pounds (1,660 million euros) in its latest budget to ensure that the UK continental basin "remains an attractive investment destination."