Record investment levels of £13.5 billion in the UK oil and gas industry this year will result in a spike in jobs throughout the supply chain,.
Employment in the sector could reach 450,000 jobs across Britain.
Capex will be used to develop new fields and redevelop old fields. Enhanced extraction will also get a boost.
The record investment is intended partly to offset falling North Sea production from UK waters. Output fell 19% during 2011 and 14% in 2012. A further decline of at least 8.5% is projected for this year.
Production is expected to climb starting in 2015, based on current investment activity.
According to Malcolm Webb, Oil & as UK’s CEO, The recent sharpening of focus within government and industry on the business environment required to grow [the sector’s] contribution in future has given investors the confidence to develop new fields and redevelop older fields, so we are now seeing the highest-ever investment.