Oil rig
Media playback is unsupported on your device

Oil and gas investment 'collapsing' despite cost-cutting

Investment in new offshore oil and gas projects is collapsing despite cost-cutting efforts, according to a report.

Industry Body Oil and Gas UK said that less than £1bn was expected to be spent on new projects this year, compared to a typical £8bn per year in the last five years.

Its new 2016 activity survey said this was despite costs dropping.

Kevin Keane reports.

  • 23 Feb 2016
Go to next video: Oil and gas jobs fair under way