The UK oil and gas industry faces a faster decline if Prime Minister Theresa May fails to agree to a trade deal with the European Union. (Bloomberg) — The U.K. oil and gas industry faces a faster decline if Prime Minister Theresa May fails to agree to a trade deal with the European Union, as restrictions on the movement of workers and equipment would increase costs. A “no deal” Brexit, which has become a stronger possibility after talks ended in a deadlock this week, could restrict investments in the North Sea, hastening the existing decline of the aging basin, said Michael Bradshaw, professor of global energy at Warwick Business School. Oil & Gas U.K., the lobby group, has warned that the industry’s cost of trade could almost double if the country reverts to World Trade Organization rules. The U.K. North Sea was already well past its peak when crude […]