• 5 hours Iraq Struggles To Replace Damaged Kirkuk Equipment As Output Falls
  • 10 hours British Utility Companies Brace For Major Reforms
  • 14 hours Montenegro A ‘Sweet Spot’ Of Untapped Oil, Gas In The Adriatic
  • 16 hours Rosneft CEO: Rising U.S. Shale A Downside Risk To Oil Prices
  • 17 hours Brazil Could Invite More Bids For Unsold Pre-Salt Oil Blocks
  • 18 hours OPEC/Non-OPEC Seek Consensus On Deal Before Nov Summit
  • 19 hours London Stock Exchange Boss Defends Push To Win Aramco IPO
  • 20 hours Rosneft Signs $400M Deal With Kurdistan
  • 22 hours Kinder Morgan Warns About Trans Mountain Delays
  • 1 day India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 1 day Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 2 days Russia, Saudis Team Up To Boost Fracking Tech
  • 2 days Conflicting News Spurs Doubt On Aramco IPO
  • 2 days Exxon Starts Production At New Refinery In Texas
  • 2 days Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 3 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 3 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 days China To Take 5% Of Rosneft’s Output In New Deal
  • 3 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 3 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 3 days VW Fails To Secure Critical Commodity For EVs
  • 3 days Enbridge Pipeline Expansion Finally Approved
  • 3 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 3 days OPEC Oil Deal Compliance Falls To 86%
  • 4 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 4 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 4 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 4 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 4 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 4 days Aramco Says No Plans To Shelve IPO
  • 6 days Trump Passes Iran Nuclear Deal Back to Congress
  • 7 days Texas Shutters More Coal-Fired Plants
  • 7 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 7 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 7 days Chevron Quits Australian Deepwater Oil Exploration
  • 7 days Europe Braces For End Of Iran Nuclear Deal
  • 7 days Renewable Energy Startup Powering Native American Protest Camp
  • 8 days Husky Energy Set To Restart Pipeline
  • 8 days Russia, Morocco Sign String Of Energy And Military Deals
  • 8 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
Alt Text

China Takes Aim At The Petrodollar

In a potentially disrupting move…

Alt Text

India’s Urban Explosion Boosts Oil Demand

As India sees incredible growth…

Alt Text

How Vulnerable Is The Electrical Grid?

Hurricane Maria knocked out the…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

U.K. Loses 120,000 Oil Jobs In Oil Bust

Helicopter on offshore rig

Earlier this year, Oilprice.com reported on the gloomy outlook for North Sea oil and gas, concluding that over 100 oil fields could be shuttered over the next five years. And even though 2015 saw a small uptick in North Sea oil output, most of the mature fields in this area have become uneconomical at today’s oil prices.

The shutdown of oilfields has led to a massive wave of layoffs in the last years. A trend that is unlikely to reverse in the short-term.

Around 120,000 British oil industry employees will have lost their jobs by the end of the year since 2014, according to an EP Magazine report citing a local industry lobby group.

In 2014, oil industry-related jobs, including supply chain management and oil field services, stood at 450,000, but by the end of this year, the number will fall to 330,000, a report by Oil and Gas UK said.

Royal Dutch Shell, a major employer in the United Kingdom, as well as United States-based Chevron have both announced layoffs internationally as the oil-price crisis takes its toll on bottom lines.

A total of 465 more people in the U.K. will lose employment with Shell, according to a release by the company last week. The move represents a small part of the company’s global effort to cut 12,500 jobs by the end of the year. Related: Only Five Oil Majors Make The Fortune 500 List

"The total employment we will sustainably provide depends on the level of investment attracted into the basin," Deirdre Michie, who heads Oil and Gas UK, said. "If investment falls, then so will jobs.”

The market downturn has strongly impacted production in the North Sea—the British basin that has been offering its oil and gas bounty to international and domestic markets since 1851. The high exploration and production costs associated with operating in the basin have led to 8,000 firings since the crisis started in 2014.

Roughly half of British oil employees work in Scotland, where the local government has developed a task force to aid newly unemployed workers in their quest to find a new way of make a living.

Brent oil, considered to be the international standard, hovered at around $50 a barrel on Friday – less than half the pre-bust 2014 price that supported 450,000 jobs in Britain.

“We cannot underestimate the impact the global downturn in the industry is having on the UK economy, nor the personal toll for those who have lost their jobs, and the effect on their families and colleagues,” Michie said.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • RussianJew on June 14 2016 said:
    Could you explain why is nobody mentioning "experts" massive predictions that low oil prices will kill only Russian economy?

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News