The North Sea oil industry is seeing a revival as oil prices have risen to more than $60 per barrel JEFF J MITCHELL/GETTY IMAGESThere are signs of cautious optimism in the UK oilfield services sector, according to research published today. Total turnover fell by more than 15 per cent to £30.2 billion in 2016 and a further decline is anticipated for last year, according to a report compiled by Ernst & Young. Tens of thousands of jobs have been lost in the oil and gas sector and its supply chain since the oil price began to fall below $100 a barrel towards the end of 2014. Service companies cover operations including design, engineering, maintenance, geoscience, construction and subsea work on wells and pipelines. The oil price downturn resulted in a reduction in exploration activity and submissions for new fields to be developed in the North Sea.

Source: The Times February 07, 2018 00:00 UTC