The future of the North Sea oil and gas industry could hang in the balance if no further investment materialises, according to a new report by Edinburgh-based global energy consultants Wood Mackenzie.

“At least 140 fields will cease production over the next five years, with a total of £55 billion to be spent on decommissioning the UK Continental Shelf,” said the report.

Wood Mackenzie said as many as 50 fields are forecast to cease in 2016 alone.

“Will new investment materialise or will the North Sea enter a new decommissioning phase?” asks the report.

“Investment is key.  

“Investment in ageing facilities will prevent a domino effect of fields ceasing in this mature sector.

“If no further investment materialises, the future of the North Sea could hang in the balance.”