The oil price freefall means projections for the UK’s North Sea revenues are already out of date before the Budget is even published, according to a leading analyst.
Energy secretary Edward Davey today described the health of the North Sea as "crucial to Britain's power and economic needs for decades to come".
Dana Petroleum has confirmed it is to use a Sevan Marine-designed floating production vessel for its £1billion Western Isles development in the northern North Sea.
A new report into tax measures announced by Chancellor George Osborne to unlock North Sea investment has said they could have gone further - and brought in more cash for the Treasury.
The industry body for the offshore sector said yesterday that "huge uncertainty" hangs over forecasts for the price of oil in coming decades.
Scotland has a company called Scottish Bioenergy that has developed a bioreactor which uses a mixture of algae and water to strip carbon dioxide from flue gas and convert it to oil and proteins.