North Sea contractor confidence at record low
Confidence among North Sea oil and gas contractors is at an all-time low, according to a new industry survey compiled by Aberdeen & Grampian Chamber of Commerce (AGCC). About 80% of contractors surveyed said they are less confident than a year ago. The AGCC estimates there has been a 5.2% reduction in contractors’ employment over the last 12 months, with 62% of those surveyed saying they had reduced employment in 2015. According to Reuters, Britain’s oil and gas sector has lost over 5,000 jobs since late-2014, primarily due to the effects of the low oil price environment. Oil & Gas UK’s annual economic report in September 2015 painted an even bleaker picture, stating that employment supported by the sector had contracted 15% (from an estimated 440,000 to 375,000 jobs) since the start of 2014.
News Item details
Journal title: Petroleum Review
Keywords: Operations Management
Subjects: Offshore oil and gas, Oilfields, Workforce
