The pace of drilling in the North Sea, the center of U.K. oil production for the past 40 years, has sunk to a record as crashing energy prices force explorers to abandon costly projects. Just 63 percent of oil and gas rigs in the U.K. North Sea were being used as of Jan. 19, according to data provider RigLogix. That’s the lowest since the Houston-based company started tracking their operation in 2000. In the Norwegian North Sea, the 71 percent rate is also the worst on record. Producers in the region, home of the Brent benchmark, boosted output the past two years as projects approved in the era of $100 oil came on stream. Yet crude’s subsequent plunge has forced many to shelve growth plans as they reduce spending and staff. BP Plc intends to eliminate 600 North Sea positions over the next two years, adding to more than […]