Oil and gas expert Alex Kemp said he did not agree with comments made which claimed the North Sea was “close to collapse”.
Robin Allan, chairman of the independent explorers association Brindex, said it is “almost impossible to make money” with the oil price below $60 a barrel.
However Professor Kemp said the current investment in new fields had been predicted to lessen when oil prices were at $90 a barrel.
He said: “I don’t agree with the comments made. We did a paper in which we said that the price collapse will have a serious effect on investment in new fields and in exploration – this was always coming even with oil at $90 a barrel.
“Investment prices at $70 or $60 means that quite a few new field developments will be uneconomical and in addition because the cash flows are severely reduced by the price collapse, exploration budgets will also be cut.
“They will also be reducing contractor rates.
“All this adds to the case for the tax reliefs to come sooner rather than later in order to prevent the investment going down.
“Production will be maintained as things stand but new field developments but new field exploration will be curbed, there is no doubt about that.”
Earlier this week WGPSN said contractor rates would be cut by 10% and salaries frozen from January 1.
This was followed by a further announcement that Apache would also cut its contractor rates by 10%.
North Sea focused company Independent Oil and Gas said while the oil price had plummeted it remained “relatively favourable” and could provide “great opportunities” for investment.
Oil veteran Sir Ian Wood last week predicted job losses in the North Sea over the next 18 months as the company he founded, the Wood Group, announced a pay freeze and a cut in contractor rates.
ConocoPhillips is cutting 230 out of 1,650 jobs in the UK, Goldman Sachs predicted big oil firms would have to cut capital expenditure by 30% to restore their profitability and Schlumberger cut back its UK-based fleet of geological survey ships.
Mr Allan, who is also a director at Premier Oil, had told the BBC: “It’s almost impossible to make money at these oil prices.
“It’s a huge crisis. This has happened before, and the industry adapts, but the adaptation is one of slashing people, slashing projects and reducing costs wherever possible, and that’s painful for our staff, painful for companies and painful for the country.
“It’s close to collapse. In terms of new investments – there will be none, everyone is retreating, people are being laid off at most companies this week and in the coming weeks.
“Budgets for 2015 are being cut by everyone.”
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