Britain to launch review of its oil and gas industry

Britain will launch a review to identify key risks to oil and gas production in response to the collapse in oil prices, after oil majors BP and ConocoPhillips said they were cutting more than 500 jobs in their North Sea operations. Britain's North Sea oil and gas sector employs more than 400,000 people and has generated in excess of $200 billion (131 billion pounds) in tax revenue for the government.
But there are growing pressures on the sector after oil prices slumped almost 60 percent over the past month, leading to job cuts at BP, ConocoPhillips and other majors.