• Oil & Gas industry report 2017

    Last year’s Bank of Scotland survey of the UK oil and gas sector painted a picture of an industry that was in the midst of the most challenging market conditions in years.

    A year later, the sixth edition of the annual series demonstrates the sector is fighting back and is cautiously optimistic about the future.

    We have polled just over 100 businesses of all sizes across the UK to understand the current views of the industry and its predictions for the years ahead.

    Highlights include:

    • 58% of oil and gas sector businesses are now planning for growth
    • A third of firms expect new opportunities to come out of internationalisation
    • Two- thirds (68%) of businesses are adopting new processes to meet the cost challenges.

    Cautious optimism

    The past year has been challenging for the Oil and Gas sector. But, despite the currency volatility and rising production costs, firms told us they are planning to grow and meet challenges head on.

    Respondents told us they are planning to generate organic growth, diversify their operations and grow through mergers and acquisitions.

    International expansion is also high on the agenda, with businesses saying the current business climate has presented new opportunities outside of the UK.

    Read the full report to find out more about the evolution taking place in UK oil and gas

  • Oil and Gas report 2017

    Key points

    • 48% say increasing cost of production is the single biggest challenge for the sector
    • 59% said new contract opportunities have been presented in the current business climate
    • This year, 70% said that the current business climate had presented opportunities outside the UK.

    This expression of confidence reflects an industry that appears to be starting to turn a corner, albeit this is naturally a cautious optimism at this stage, with conditions for growth more favourable than they have been in recent times.

    Stuart White
    Regional Director, Mid Markets North of Scotland, Bank of Scotland

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