• Oil & Gas: The Year Ahead

    The UK oil and gas sector is turning a corner.

    That’s according to Bank of Scotland’s sixth annual oil & gas sector report, which surveyed companies of all sizes throughout the oil and gas industry and its supply chain to get their insight into what the future holds.

    This year it found a sector that is focused on business growth and meeting challenges head on.

    Highlights include:

    • 58% are planning for growth in the next year
    • Firms expect average growth of 26% of current turnover over the next year
    • 70% say they see growth opportunities outside the UK

    After a tough 2016, it found a cautious optimism with business confidence on the up and growth is on the agenda.

    With a change in ownership of a number of fields, and expectations of further investment, the challenge of maximising economic recovery of oil and gas reserves in the North Sea continues to represent a significant opportunity for the industry.

    And firms are proactively tackling concerns over the increasing cost of production by adopting new processes, developing products and adopting new technology.

  • Read the next chapter ‘The Year Ahead’ to find out more about the evolution taking place in UK oil and gas

    Oil and Gas report 2017

    Key points

    • A cautious optimism is returning to the sector with business confidence up from a net balance of 2% to 39% feeling optimistic
    • 48% say increasing cost of production is the single biggest challenge for the sector
    • 68% are adopting new processes.

    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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