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North Sea oil in new peril
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SCOTLAND'S North Sea oil industry, ravaged by tax increases and
low exploration levels, is now in serious peril as the major firms
plan to move production to the Gulf of Mexico and Africa.
Aberdeen University's Professor Alec Kemp, a specialist in
petroleum economics, says confidence in the industry is at an all-
time low.
"Let's not forget the increased taxes come directly out of an oil
firm's cashflow, which cuts the availability of finding money for new
discoveries. There is...
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