AFP, London :
Britain must provide “clarity” over its Brexit strategy in order to stimulate jobs and investment in the offshore oil and gas sector, industry body Oil & Gas UK urged on Wednesday.
The clarion call came as the organisation also revealed in its 2017 economic report that employment in the offshore oil and gas sector fell further this year on the back of deep cost-cutting, despite rising oil prices.
“Potential investors… require clarity as to how the UK will respond to the macro-economic impact of Brexit,” said Deidre Michie, chief executive of Oil & Gas UK, in the report.
“The UK government must maintain a strong voice for our industry in Europe where indigenous oil and gas will continue to provide a vital part of our energy mix.”
She added that offshore energy “continues to make a convincing case that the sector should be at the heart of the UK government’s industrial strategy”.
The total number of those employed-both indirectly and directly in the offshore oil and gas sector-sank by 13,000 people to 302,200 in the first half of 2017, the group added.
“The sector continues to support over 300,000 jobs across the economy, but as this is around one-third lower than the peak in 2014, it could threaten core capabilities within the supply chain if activity does not pick up,” Oil & Gas UK added in the report.
“The latest analysis shows the decline between 2015-2016 was sharper than previously anticipated, however there is evidence that the rate of job loss is now slowing… in 2017.”
Britain must provide “clarity” over its Brexit strategy in order to stimulate jobs and investment in the offshore oil and gas sector, industry body Oil & Gas UK urged on Wednesday.
The clarion call came as the organisation also revealed in its 2017 economic report that employment in the offshore oil and gas sector fell further this year on the back of deep cost-cutting, despite rising oil prices.
“Potential investors… require clarity as to how the UK will respond to the macro-economic impact of Brexit,” said Deidre Michie, chief executive of Oil & Gas UK, in the report.
“The UK government must maintain a strong voice for our industry in Europe where indigenous oil and gas will continue to provide a vital part of our energy mix.”
She added that offshore energy “continues to make a convincing case that the sector should be at the heart of the UK government’s industrial strategy”.
The total number of those employed-both indirectly and directly in the offshore oil and gas sector-sank by 13,000 people to 302,200 in the first half of 2017, the group added.
“The sector continues to support over 300,000 jobs across the economy, but as this is around one-third lower than the peak in 2014, it could threaten core capabilities within the supply chain if activity does not pick up,” Oil & Gas UK added in the report.
“The latest analysis shows the decline between 2015-2016 was sharper than previously anticipated, however there is evidence that the rate of job loss is now slowing… in 2017.”
