As many as 120,000 workers will have lost their jobs in Britain’s oil and gas sector by the end of the year, according to the industry’s lobby group.
Oil and Gas UK said that would mean a 25 percent fall in the workforce since mid-2014 when oil prices started declining.
The losses include those directly employed and people in the supply chain and providing services.
Major oil industry employers in the UK like Royal Dutch Shell, BP and Chevron have all announced substantial job cuts as they reduce costs.
“The total employment we will sustainably provide depends on the level of investment attracted into the basin,” said Deirdre Michie, chief executive of Oil and Gas UK.
“If investment falls, then so will jobs,” she added.
.@OilAndGasUK says oil crisis will have cost 120,000 jobs in the UK by end of 2016, with 40,000 lost this year alone https://t.co/1rMUa9cPk2
— Christopher Foote (@ChristopherSTV) June 10, 2016
Britain’s North Sea fields have been particularly strongly impacted as they have some of the world’s highest exploration and production costs.
Shell announced an additional 475 job cuts in its UK and Ireland upstream business two weeks ago, part of a global drive to shed 12,500 roles between 2015 and the end of 2016.
