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The UK's oil industry is in "crisis" as prices drop, according to senior industry leaders. Oil companies and service providers are cutting staff and investment to save money.

Mike Tholen, economics director for Oil and Gas UK, told Today's John Humphrys: "This is an enormously costly area, so we rely on having big discoveries and being able to bring them rapidly ashore, which is not something you can easily do in this day and age."

"Our big challenge is to be globally competitive for money and as the oil price reduces we have to struggle to make our costs better."

First broadcast Today programme 19 December 2014.