• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 5 hours WTI @ $75.75, headed for $64 - 67
  • 9 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 5 mins The Dirt on Clean Electric Cars
  • 13 hours OPEC's No. 2 Producer Wants to Know How Buyers Use Its Oil
  • 2 hours Uber IPO Proposals Value Company at $120 Billion
  • 43 mins Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 3 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 9 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 6 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 13 hours China Thirsty for Canadian Crude
  • 5 hours Nopec Sherman act legislation
  • 8 hours EU to Splash Billions on Battery Factories
  • 12 hours Who's Ready For The Next Contest?
Alt Text

China’s CNPC Boosts Global Oil, Gas Ties

China National Petroleum Corporation (CNPC)…

Alt Text

Hurricane Michael’s Impact On Gasoline Demand

Hurricane Michael had a significant…

Alt Text

Trump Threatens Iran’s Oil Clients

Trump has directed yet another…

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

Trending Discussions

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:


x


Back to homepage

Trending Discussions


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