Wednesday, 6 September 2017

Oil job losses 'worse than expected', a major report said

The number of job losses in the UK oil and gas sector was worse than expected last year, a major report has said.

Trade body Oil & Gas UK's annual report said 60,000 direct and indirect jobs were lost across the industry in 2016, more than the 40,000 it had predicted.

The report said the sector could lose another 13,000 jobs in 2017.

However, it suggests that while some companies are still reducing headcount "the largest reductions may now be behind us".

The oil and gas industry still supports more than 300,000 jobs across the UK but that is 150,000 less than the peak in 2014, the report said.

According to the trade body report: "There are tentative signs that investor confidence is starting to return to the sector.

It highlights the fact that almost $6bn (£4.6bn) was invested in UK continental shelf assets and acquisitions in the first half of 2017.

"More needs to be done to drive any upturn and secure long-term employment," the report says.

"Up to £40bn worth of potential investment opportunities currently sit in company business plans."

BBC       News.