Oil & Gas UK: The Industry Has Confidence in the Future of the North Sea
Business confidence in the UK oil and gas industry remained positive in the third quarter of last year according to Oil & Gas UK’s business sentiment index published Wednesday, January 8, 2014.
The third quarter of 2013 saw a drop of six points from 21 to 15 but the mood of the industry remained firmly within positive territory on the -50 to +50 index.
Oonagh Werngren, Oil & Gas UK’s operations director, said: “The figures released today provide a snapshot of the UK offshore oil and gas industry’s outlook in Q3, which was slightly less optimistic than Q2. Although the Q3 results represent a drop in confidence, there continues to be high levels of activity linked to a number of UK Continental Shelf (UKCS) projects and forecasts for investment in the UKCS were at record levels in 2013.
Factors such as a shortage of skilled personnel, wage inflation and growing operating costs may have dampened any rise in optimism across the industry but the figures demonstrate that , despite these, the industry has confidence in the future of the North Sea.”
Data was provided by both operator and contractor companies to Oil & Gas UK and anonymised for the purpose of the Business Sentiment Index. Oil & Gas UK, the leading representative organisation for the UK offshore oil and gas industry now represents over 400 companies.
Press Release, January 13, 2014