Oil expert warns North Sea cuts may not be enough to encourage investment

Pressure has mounted on the Treasury to introduce further tax breaks for the oil and gas industry as new research reveals that cost-cutting may not be enough to ensure the North Sea is attractive to investors.

Research led by renowned petroleum economist Professor Alex Kemp has found that even if cost cuts for exploration and development are implemented, returns for investors would be “greatly enhanced” – but may not be “sufficiently attractive” to ensure firms continue to explore for oil and gas in the region.

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