(MENAFN) The UK needs its oil and gas companies to pay a new regulatory body to encourage industry collaboration and cut falling North Sea production rates, The Peninsula Qatar reported
The country's oil and gas output has dropped nearly two thirds since it peaked more than a decade ago, but reforms in the sector could lead to an additional USD332.7 billion of oil and gas
Former chairman of oil services company Wood Group said: "I believe industry will have to pay, but in return should be granted appropriate service level agreements.
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