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OGUK issues North Sea investment warning

The industry lobby group is concerned that a slowdown in UKCS spending does not translate into a stop

Investment on the UK continental shelf (UKCS) in 2020 fell by around a third from almost £5.5bn ($7.6bn) the previous year, to £3.7bn, the lowest level in real terms since 1973, according to the Economic Report 2021, released at the start of September by industry lobby group Oil and Gas UK (OGUK). The contraction in investment seen by the UK’s oil and gas industry is larger than that seen across the sector globally, estimated as down by 27pc year on year by consultancy Rystad Energy The decline is also greater than that seen by other sectors of the UK economy. Overall UK business investment fell by 17pc in early 2020 compared with before the pandemic, according to the country’s official stat

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