LISTEN: Could The North Sea Survive For 50 More Years?
An oil expert has told Northsound News that the North Sea faces a crossroads - 50 more years of production, or a complete collapse.
He believes if the price of Brent Crude was to rise to even just $70 a barrel, then there could be 50 years worth of production left in the North Sea - but if it doesnt, the sector will collapse.
The price is currently sitting at around $50 a barrel, a massive drop from the price of $110 a barrel, that it sat at last summer.
Oil and Gas UK yesterday revealed figures that showed 65,000 jobs have been cut due to the oil crisis.
They also said that production costs in the sector will be down by a quarter by the end of 2016.
Our reporter Hope Webb sat down with Alex Russell, Professor in Petroleum Acccounting at RGU, to discuss his predictions.
Listen to that interview here: