UK oil investment at 3-decade high

<p>UK oil investment has reached a 30-year high, according to one report.</p>

Investment in the North Sea oil and gas industry is at its strongest for more than 30 years, boosting Brent Crude Oil Futures in commodities trading today (February 25th).

According to The Oil & Gas UK 2013 Activity Survey, there was £11.4 billion in investment in the country's oil and gas sector last year – and this figure is set to rise to at least £13 billion in 2013.

The reports stated the number of projects submitted to the Department of Energy and Climate Change and given development approval nearly doubled between 2011 and 2012.

Chief executive of Oil & Gas UK Malcolm Webb commented: "The UK continental shelf is now benefiting from record investment in new developments and in existing assets and infrastructure, the strongest for more than three decades."

At 09:55 GMT, Brent Crude Oil Futures rose by 0.7 per cent to $114.89 per barrel.

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