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UK's oil and gas industry set to shed over 120,000 jobs

By Ben Woods

The UK's oil and gas industry is on course to lose more than 120,000 jobs in two years following the plunge in the price of oil, according to research.

Jobs supported by the sector will have dropped by more than a quarter at the end of this year, compared to its peak of 450,000 in 2014, industry trade body Oil and Gas UK has found.

Its latest figures show employment was slashed by about 84,000 to around 370,000 last year, with a further 40,000 jobs set to be cut in 2016.

The total number of jobs supported by the sector is expected to stand at 330,000 at the close of this year.

The update comes as North Sea operators and supply chain companies continue to make swingeing cuts in an effort to drive down costs since the price of oil plummeted from its peak of around $115 in 2015.

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