Finds survey about Oil and gas industry in 'bleak' 2014?

The UK offshore oil and gas business has rumored its worst annual performance for four decades.

Industry body Oil & Gas Britain aforementioned falling oil costs and rising prices meant the arena spent and invested with £5.3bn over it attained from sales throughout 2014.That outflow of money was the most important since large investment in platforms within the Nineteen Seventies preceded the flow of oil.The body's annual survey conjointly indicated that investment within the business is ready to fall this year, additionally as drilling.Although drilling of twenty five wells was expected last year, solely fourteen befell, continued a downward trend. Solely fifty million barrels of viable reserves of oil or its gas equivalent were discovered.This year, Oil & Gas Britain members expect between eight and fourteen beta wells to be trained and solely 5 wells to appraise initial discoveries.