Publishing its annual economic report on Tuesday, trade association Oil & Gas UK (OGUK) hailed industry's efforts to reduce its costs base during a "painful" two years in which oil prices have fallen from more than $100 per barrel to an average of $41 in the first eight months of 2016.
"Few industries could have survived the downturn the oil and gas sector has experienced over the last two years," OGUK said.
However,
