• Oil & Gas industry report 2016

    The British oil and gas sector is facing some of the most challenging market conditions in years.

    Bank of Scotland’s fifth annual oil and gas sector report ‘Re-evaluating Strategies’ polled to businesses from across the industry paints a detailed picture of the impact of the global price fall on this crucial sector, and how it is fighting back.

    We surveyed more than 140 companies of all sizes to understand the current state of the oil and gas industry and get their views on what the future holds.

    Highlights include:

    • More than half (51%) have cut jobs in the last year
    • The most common strategies to survive the low oil price environment have been to collaborate with other firms (57%) and to target new international markets (55%)
    • Only one new job created for every six lost in 2015

    Fighting back

    Our report acknowledges the impact of the falling oil price on jobs, particularly at larger firms, while also placing a spotlight on the entrepreneurial response from the sector.

    Oil and gas firms told us they were forming partnerships, seeking new international opportunities and diversifying into new markets in order to tackle the global oil price crash.

    • 55% believe there are new opportunities out there, despite the current climate
    • Diversification tops the list of potential new opportunities (51 per cent)
    • 57% of larger firms are looking to diversify into nuclear decommissioning

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

  • Oil and Gas report 2016

    Key points

    • More than half have cut jobs in the last year
    • More job cuts planned, but only at one third of the rate seen in 2015
    • Four in 10 don’t expect oil price rebound until 2020
    • More than half seeking to diversify into new markets

    Though there will undoubtedly be more difficult decisions to make in the short term, including around jobs, it seems that there is a vision of sustainable growth on the horizon.

    Stuart White
    Area Director, Aberdeen & North of Scotland, Bank of Scotland

  • Contact us

    Phone_Negative dark blue

    Existing customers
    0345 300 0268

    New customers
    0345 606 0286

    Lost or stolen cards

    More information