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The UK’s Oil and Gas industry is, according to the UK Government press release last week, its largest industrial sector worth around £19 billion and accounting for 375,000 jobs within the economy. It is estimated that the oil that can still be exploited from the North Sea may be equivalent to 50% of all the oil exploited to date. The decommissioning business is forecast to be around £45 billion in the next 25 years or so.
Against this backdrop however the oil and gas sector is in the midst of a challenging time with the oil price in the $30 a barrel area, down from $90-120 a barrel just a couple of years ago.
In response to the ongoing situation in the oil and gas industry sector, the UK Government has announced a range of measures including a £1.3 billion package of reforms in the March 2015 budget. The Oil and Gas Authority was also established in April last year to improve collaboration and productivity, attract investment and to create jobs in the sector. (more…)