Urgent measures are needed to prevent the effects of the global recession combined with the banking crisis from dampening new investment in the recovery of the UK's still significant oil and gas reserves, Oil & Gas UK warned last month on the publication of its annual activity survey.rnThe 2008 survey, which summarises planned expenditure on the UKCS by 75 oil and gas companies, reveals that the combination of low oil prices and the freezing of capital markets will have a marked effect on exploration and development activity over the next 12-18 months.
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