Oil tax regime blamed for North Sea slump

NORTH Sea oil output continued its decline in the first half, falling by 9.6 per cent year-on-year.

The pound fell to a six-month low against the euro on the findings, amid fears that Britain is rapidly moving towards becoming a net oil importer.

“The UK is losing its status as a petro-currency,” said the Centre for Economics and Business Research.

http://business.scotsman.com/index.cfm?id=1063902004