BBC News | Oil and gas investment 'collapsing' despite cost-cutting BBC News 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 ... First Oil Expro to be broken up after entering administration Oil lobby warns UK output could halve by 2025 if money dries up Aberdeen oil tycoon pulls the plug on North Sea firm |