Crisis hits North Sea oil search

The remaining lifespan of the UK

In total, only 18 exploration and appraisal wells were drilled in the UK during the first quarter, marking a 41 per cent drop in total drilling activity compared with the same period last year. UK Oil and Gas, the industry group, is even more pessimistic, forecasting that total drilling could drop 66 per cent this year.

Derek Henderson, senior partner at Deloitte, said: