UK industry group slashes oil estimate as price drop hits investment

UK industry group slashes oil estimate as price drop hits investment
 

Industry group UK Oil and Gas has slashed its estimate of Britain's existing oil and gas reserves by a third, saying weak oil prices have made it less likely that some resources will ever be retrieved.
Oil prices are lingering near lows last seen during the 2009 financial crisis, freezing more than $300 billion in global upstream oil and gas spending in 2015 and 2016.
For Britain, the world's number 21 oil and gas producer, weak investment has brought existing reserves to a five-year low of 6 billion-9 billion barrels of oil equivalent, down from 8 billion-12 billion last year.
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27 September 2016 in Business, Views: 47
Source: Reuters
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