Survey uncovers a vast amount of jobs have been lost in oil and gas sector

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1st December 2016 13:01 - Oil and Gas

Survey uncovers a vast amount of jobs have been lost in oil and gas sector: According to a recent oil and gas industry survey, more than two thirds (67 per cent) of oil and gas businesses have cut jobs in 2016 and more cuts have been predicted for the next 12 months.Survey uncovers a vast amount of jobs have been lost in oil and gas sector

The oil and gas survey revealed that as well as 67 per cent of firms cutting jobs in 2016, a further 43 per cent said that they had scaled back salaries and 40 per cent had changed staff benefits drastically as the low price of oil wages on.

Oil and gas operators also reported a 15 per cent decrease in their workforce in the United Kingdom over the last 12 months, whereas oil and gas contractors also reduced their staff numbers by 7 per cent.

However, the survey did note that there have been indications that the job cutting is slowing, with oil and gas operators expecting to cut jobs by a further 5 per cent in the next 12 months, a smaller figure than the 17 per cent which was predicted six months ago.

The survey findings also revealed that confidence levels has also got better, with 12 per cent of oil and gas contractors being more confident about their activities in the UK Continental Shelf (UKCS), in comparison with 7 per cent in May 2016.

Of the respondents in the survey, more than half (58 per cent) said that they believed the vote to leave the European Union would not have an effect on their company; however, nearly one third (31 per cent) said that they expected the Brexit vote to have a negative impact. A further 8 per cent said that they feel the Brexit vote will have an extremely negative effect on their business.

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