Growing, Growing, Grown: The Future Looks Bright For The Oil & Gas Sector In The UK

Posted by Andrea Wilson on Oct 25, 2018 3:25:12 PM

THE FUTURE LOOKS BRIGHT FOR THE OIL AND GAS SECTOR IN THE UKFinally, after almost 5 years of job losses and heartbreak in the oil and gas sector, things finally seem to be on the way up again. New studies show that, despite over 400,000 job losses in recent years, a dramatic rise in growth opportunities is expected by most of the oil and gas companies operating in the UK and offshore.

Of course, this amazing growth we’re seeing doesn’t just “happen”. There are several factors which contribute to the incredible results that are appearing in the oil and gas sector. The government has a lot to do with it, having recently reaffirmed their commitment to the oil and gas business in the North Sea. Initiatives included securing oil barrel prices, lowering tax on petrol barrels and introducing investment allowances for oil & gas companies. While there are rumours that the government may go back on their word with some of the things they promised, this is looking unlikely, which means we should all see a steady rise in all areas of the oil and gas industry.

Why Is The Growth Of The Oil And Gas Sector So Important?

Simply put, the home grown oil and gas industry plays a crucial role in the UK economy, one which is likely to increase as Brexit unfolds. Aside from using gas and oil to run our homes, our cars, almost every basic aspect of our lives, the industry employs over 450,000 people and contributes billions in tax revenue. It’s growth, therefore, will have any number of very positive reverberations throughout the UK market – great news for us here at Hone-All, due to our continuing commitment to our numerous and varied Oil & Gas customers, and also engineering companies of all sizes!

Offshore Decommissioning

Every year, an event known as the “Offshore Decommissioning Conference” is held to discuss how the decommissioning sector can help growth in the oil and gas business. This 3 day event is a litmus test for the successful growth of the oil and gas industry for the year ahead. The decommissioning of old oil rigs is a huge challenge but the rewards are equally as great. These include cost reduction and certainty, supply chain capacity and capability and guidance, and improved scope and stakeholder management – as outlined by the OGA (Oil and Gas Authority).

The future is looking bright. There are some great plans in place for the continuous growth of this vital business and we can be optimistic that, despite a few speed bumps, we're on track for a great 12 months ahead in the oil & gas sector.

As specialist providers to this sector for the last 15 years, and with a wealth of experience and knowledge of the materials, technology and quality requirements of this fantastic industry, we can help you reduce costs, improve quality and reduce lead times so please get in touch today to discuss how the team here at Hone-All can help you capitalise on this growth!

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Topics: oil and gas sector

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