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The dropping costs of crude oil could lead to the loss of billions of pounds of North Sea project investments, it has emerged.
Around 170 new gas and oil exploration projects had been planned for the UK sector of the North Sea but the current economic situation has led to backers delaying plans, according to Oil and Gas UK.
The company's economics and commercial director, Mike Tholen, said the current low value of oil has forced firms to reassess the economic importance of projects because the cost of oil industry is still high and the prospect of a return is unlikely.
He said: "Where projects are marginal people will bide their time."
Meanwhile, the price of oil has fallen over the course of today which may be good news for home heating oil customers.
Brent crude was $61.87 (£39.19) this morning and is now $58.16, and US crude that was $65.30 is now $61.49 per barrel.
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