Oil platforms in the North Sea
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North Sea oil at 'watershed moment', says Sir Ian Wood

A leading figure in North Sea oil says the industry has reached "a watershed moment".

Sir Ian Wood, chairman of the Wood Group, says the UK could lose thousands of jobs and access to more than one third of its recoverable oil if significant tax cuts are not announced by Chancellor George Osborne in Wednesday's budget.

The industry has been campaigning for at least a 10% reduction in its tax rate.

BBC Scotland's Kevin Keane reports from Aberdeen.