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LONDON, Jan 15 (Reuters) - Britain will launch a review toidentify key risks to oil and gas production in response to thecollapse in oil prices, after oil majors BP andConocoPhillips said they were cutting more than 500 jobsin their North Sea operations.
Britain's North Sea oil and gas sector employs more than400,000 people and has generated in excess of $200 billion (131billion pounds) in tax revenue for the government.
But there are growing pressures on the sector after oilprices slumped almost 60 percent over the past month, leading tojob cuts at BP, ConocoPhillips and other majors.
"The oil and gas industry is used to volatile prices inworld markets and will get through the latest downturn as it hasin the past," said Energy Secretary Edward Davey in a statementon Thursday.
"Given the huge value of the UKCS (UK Continental Shelf) tothe nation and the relatively high cost base that it has, I amconcerned to make sure that it does so in the best possibleshape for the future," Davey added.
Davey said the head of Britain's Oil and Gas Authority, AndySamuel, would lead the review and would present his findings tothe government by the end of February. (Reporting by Susanna Twidale; Editing by David Holmes)
