The falling price of oil is "the nightmare before Christmas", according to industry experts.

The BBC reports that oil companies are facing tough decisions and have to choose between shutting down oil fields earlier than they had planned or selling them at less than desirable prices.

Prices of oil have been on a downwards spiral for some time, with Brent crude oil currently valued lower than $40 (£26) a barrel, which the BBC says is a third of the price the oil was a year and a half ago.

Wood Group, based in Aberdeen, has spoken out saying that it is currently looking for businesses to acquire. Sir Ian Wood, who built up Wood Group, has written a report claiming a need to maximise production in the UK offshore sector.

He said: "Achieving the essential collaboration requires a change in behaviours both between operators and also with the supply chain."