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Why is a collapse in the oil sector
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putting thousands of jobs at risk? The
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North Sea Energy Group Petrifac is in
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trouble with thousands of jobs now
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hanging by a thread. The company which
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provides services to big oil and gas
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producers in the North Sea has called in
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administrators after loss of a major
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contract with 10T in the Netherlands.
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It's a big blow especially as Petrifax
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shares were already suspended due to its
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financial wos. The company has said that
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only the holding group is affected and
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that it will continue to trade with
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operations in the North Sea set to
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continue. But this isn't just about one
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company struggles. It's a bigger warning
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sign for the North Sea oil industry.
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Labor and business leaders are currently
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in a tugofwar over energy policy. Labor
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is being pressed for blocking new North
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Sea oil licenses and business leaders
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also want taxes on oil companies to be
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scrapped. The challenge for Labor is now
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how it can balance the transition to
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renewable energy without sacrificing
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jobs. So, can the government push for
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net zero without destroying jobs in the
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process in the North Sea? Let us know in
