The U.K.’s decades-old offshore oil-and-gas industry is perched “at the edge of a chasm” amid a historic rout in oil prices that is pushing almost half of the sector’s producing fields into a loss and curbing investment in new ones, trade association Oil & Gas UK said in a report published Tuesday. Less than £1 billion ($1.41 billion) of fresh capital in new projects in the U.K. North Sea is expected to be approved this year, down from an average of £8 billion annually over the past five years. As a consequence, total capital expenditure is expected to fall this year to around £9 billion, around 23% lower than last year, the report said. Without the fresh spending, the region’s oil and gas output could halve from current levels to around 800,000 barrels of oil equivalent a day by 2025. It’s a far cry from the U.K. North Sea’s […]