Sir Ian Wood, who authored an authoritative review of the British oil and gas industry, said that the North Sea could shed 45,000 workers in 2016, which follows the loss of 65,000 jobs last year. The contraction in the North Sea has been supercharged by low oil prices, but over the long-term the industry may not be able to turn things around. A February report from Douglas-Westwood, a consultancy, concluded that the British North Sea could see 150 oil platforms scrapped in just the next ten years. The report believes that decommissioning will take place in British waters much sooner than in Norway’s section of the North Sea. Wood Mackenzie found that one barrel out of every seven produced in the UK’s North Sea today is being produced at a loss. Another report found that half of the companies in the North Sea are also operating at a loss. Earlier this year, Oil & Gas UK said that the oil industry in the North Sea was “at the edge of a chasm.†Higher oil prices will help stop the bleeding, but long-term growth appears to be off the table.