gas Articles

marketing | 22 June 2015
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A recent survey from the Grampian Chamber of Commerce has shown concern amongst contracting companies at the parlous state of the oil and gas industry. Of particular concern was the news that over 60% of the operators approached by the survey had themselves cut projects due to tumbling oil prices.

Umbrella’s Jessica Evans offered these thoughts on the survey’s findings: “There is undoubtedly growing concern that oil prices have effectively shocked UK oil & gas. When you hear about the impacts on exploratory contracting – with something like 70% of respondents experiencing falls in project values – then you can get a view of how widespread the downturn has been.”

UK & Gas Industry North Sea

News across the oil and gas landscape has been a little jittery (to say the least) in recent months. With prices continuing to drop, the industry body Oil & Gas UK reported that overall in 2014, the sector had managed to spend over £5billion more than it managed to earn. Other lowlights from the report showed that production fell slightly at a 1% rate, that only 8 new fields had been sanctioned and that production revenues peaked at £24.4billion – the lowest rate since 1998.