Financial Times FT.com

UK oil: Tide turns in the North Sea

By Ed Crooks

Published: May 26 2009 05:25 | Last updated: May 26 2009 05:25

Aberdeen, Scotland’s “granite city”, has rebranded itself very effectively in the past four decades, first as “Europe’s oil and gas capital”, and more recently as “Europe’s energy capital”.

As the industry slid into the downturn, hit by the plunge in oil and gas prices and a shortage of finance, that status is less of a boast than it was a year ago.

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