The cross-party committee, set up earlier this year to scrutinise the work of the new Department of Energy & Climate Change, has been hearing evidence on the country’s energy sector over recent months.

“The oil and gas industry operating on the UK continental shelf currently faces a quadruple whammy of high costs, low prices, lack of affordable credit and a global recession,” said the report by the Energy & Climate Change Select Committee published today. Up to 50,000 jobs could be at risk in the UK oil & gas sector next year if ministers do not set out a more “articulate” strategy on how to maintain production levels,

Read more: UK Parliament [1] or Upstream Online [2]