U.K. Oil and Gas Sector Sinks to 16-Year Low

GALWAY, IRELAND--February 27, 2015 --Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) The U.K. oil and gas sector recorded its lowest production revenues in 16 years in 2014 as the sector continues to battle against falling global oil prices and rising production costs.

For last year, the sector recorded revenues of £24.4 billion ($37.8 billion), the lowest since 1998.