Rescue Package Petition for the UK Oil and Gas Industry

The UK government and parliament have a petition for the “Rescue Package for the UK Oil and Gas Industry”.

Due to Covid-19 and the ongoing decline in oil price have led to thousands of job losses – meaning that families are losing their source of livelihood.

At 10,000 signatures government will respond to the petition and at 100,000 signatures the petition will be considered for debate in Parliament.

https://petition.parliament.uk/petitions/320865 

When oil was discovered in the 1970s, the north-east was transformed from a deprived local economy to the oil capital of Europe; providing well-paid work and international investment.

The oil and gas sector had yet to fully recover from the last downturn of 2014-16. It became a brutal reality of the inherent vulnerabilities of areas which have a large dependency on an industrial giant, particularly because of the fluctuating nature of oil.

The oil price crash earlier this year caused by the coronavirus pandemic, the proposed faster transition away from oil and gas to renewable energy and predictions about the impact of Brexit have left the oil and gas sector in a very difficult position, with many jobs gone and many more predicted to go in the coming months.

What will become of the UK’s oil and gas sector, representative body Oil and Gas UK warned in April that 30,000 direct and indirect jobs could be lost in the next 12-18 months.

If you scroll through your linkedin today you will see many industry professionals available with over 5,000 jobs already gone.

Read the latest issue of the OGV Energy magazine HERE.