This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

UK offshore regulator says 5,500 jobs lost in oil market downturn

07 September 2015

Britain's offshore oil and gas sector has lost 5,500 jobs since late last year, the country's new Oil and Gas Authority (OGA) said on September 9. The figure was given in a report summarising the OGA’s first months of operation, and confirms how badly the sector has been affected by the decline in oil prices which have fallen by 55% since June 2014.

Stock image
Stock image

UK offshore oil companies are facing some of the industry's highest operating costs in one of the world's most mature basins. North Sea operators, including Shell, BP, Chevron and ConocoPhillips, have all announced staff cuts, a trend that has raised concerns about an emerging skills gap.

The OGA, established as an executive body five months ago, is tasked with helping offshore operators recover as much North Sea oil and gas as possible. The sector still employs around 375,000 people and remains an important source of tax revenue for the government.

UK oil production has fallen to the lowest since output started in the mid-1970s.

In the report, the OGA said it had helped mediate commercial discussions between companies involved in the running of Theddlethorpe gas terminal, and the Sullom Voe terminal on the Shetland Islands, key facilities in the North Sea but which are expensive to operate.

Print this page | E-mail this page