Major new North Sea oil projects could be shelved as a result of plummeting prices, a leading industry analyst has warned.
James Webb, of global energy consultants Wood Mackenzie, said 32 untapped fields in the North Sea and across Europe were at risk if prices stayed below 80 dollars per barrel.
The benchmark price of Brent crude settled at 62 dollars per barrel at the end of last week, down 45 per cent since June.
Nearly three quarters of the new fields require a price of 60 dollars per barrel if oil companies are just to break even, Mr Webb said.
He added: "Major projects and investment in the UK and across continental and Mediterranean Europe could be at risk if prices stay below 80 dollars per barrel."
The 32 projects he identified are awaiting the green light on investment that would total €69 billion.
Read more: Falling oil price could hit planned North Sea projects, analyst warns | Herald Scotland
James Webb, of global energy consultants Wood Mackenzie, said 32 untapped fields in the North Sea and across Europe were at risk if prices stayed below 80 dollars per barrel.
The benchmark price of Brent crude settled at 62 dollars per barrel at the end of last week, down 45 per cent since June.
Nearly three quarters of the new fields require a price of 60 dollars per barrel if oil companies are just to break even, Mr Webb said.
He added: "Major projects and investment in the UK and across continental and Mediterranean Europe could be at risk if prices stay below 80 dollars per barrel."
The 32 projects he identified are awaiting the green light on investment that would total €69 billion.
Read more: Falling oil price could hit planned North Sea projects, analyst warns | Herald Scotland
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