While late 2014 and early 2015 saw a slide in the price of oil, that is not dissuading many companies in the UK from continuing to invest in the field and even to add jobs. In fact, according to a report from the BBC, companies are set to add about 8,000 jobs to the field over the course of the next two years. This is naturally some great news for those in the UK who work in the field. The Bank of Scotland issued a report that showed that the fears perpetuated by the media about the “death of the industry” were over-hyped. In fact, they found that 92% of the companies were planning on growing.
Companies in the oil industry know that part of their success comes from the people they have working for them. Having a trained and seasoned staff can make all the difference, and it can be just as important as having the right pieces of equipment. This is likely one of the reasons that they’ve had fewer layoffs than many thought they would have. The desire to bring more people on board for training actually shows confidence that oil will be getting back to normal before long.
The devotion to continuing to grow and add jobs also shows just how resilient this gas and oil sector is in the UK and that should actually be empowering news to oil companies in other parts of the world.
The Director of Commercial Banking, Bank of Scotland, went on to say, “While it is obvious the North Sea is facing some serious challenges, this research paints a clear picture of a global industry, which having dealt with similar commodity price challenges in the past, is determined to come through fitter and stronger.” They know that they will be able to weather the storm.
With this news, how will other companies around the world react? Most should see it as a sign of confidence. While they may not be able to add as many employees, they will hopefully see that there are plenty out there who have a lot of confidence in the field and feel that it is only a matter of time before the prices rebound. Facing challenges such as this is certainly nothing new to the field. It always comes back, and these UK companies are poised to take advantage of that as soon as it does.
About Oil Works Inc.
Oil Works, Inc. is a complete drilling rig equipment manufacturer and service provider based in the Permian Basin for over 20 years. OWI’s product and service offerings include Derricks, Substructures, Drawworks manufacturing, Mud Systems, Rig Walking Systems, Power Generation, Control Systems, Iron Roughneck Repair and Service and complete Rig Solutions built to API and ISO standards. OWI is also proud to offer 24/7 Service and Support.