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The UK North Sea is experiencing a severe collapse in investment in new oil and gas projects, according to a new report from industry body Oil & Gas UK.

The organization's 2016 Activity Survey, published Tuesday, shows that this year the upstream industry is expected to approve less than GBP 1 billion ($1.4 billion) of investments in the North Sea compared to a typical investment of GBP 8 billion ($11.3 billion) per annum during the previous five years. Oil & Gas UK said that this will spark fears for the long-term future of the industry on the UK Continental Shelf and called upon the UK government for urgent reforms of the special taxes that are paid by the industry in order to attract investment back into the North Sea basin and minimize loss of capacity during the downturn.