N Sea drilling activity sinks to all-time low
British oil industry alone is expected to axe 120,000 jobs by the end of the year
London
THE number of rigs drilling for oil and gas in the North Sea, home of the Brent crude benchmark, plunged in September to the lowest in nearly 35 years as companies cut spending to weather low prices.
Baker Hughes Inc, the services company that tracks drilling activity worldwide, said just 27 rigs operated last month in the North Sea, the lowest number since records started in January 1982. The previous low was set in October 1999, when oil prices plunged to US$10 a barrel.
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