North Sea tax break plea as oil exploration plummets

In the first three months of last year, 13 exploration wells were being drilled by offshore companies. However, this year the number started has slumped to just three, as the oil price dipped as low as $35 a barrel.

Last night, industry body Oil and Gas UK said the credit crunch and the subsequent collapse of the equity markets used to finance most exploration work has crippled investment in new wells.

Press and Journal