A UK parliamentary committee has accused the government of not doing enough to stimulate investment in the North Sea oil and gas industry.

A report published by the Energy and Climate Change Select Committee said that up to 50,000 jobs may be lost because of a lack of North Sea investment.

Labour MP Paddy Tipping said that operating companies were facing a “quadruple whammy” of challenges that included low selling price, high production costs, lack of available credit and the economic downturn, The Press Association reported.

Better regulatory signals and more engagement with banks are needed to maintain production levels, the report said.