The British oil and gas industry is set for another round of job cuts, according to Sir Ian Wood, the former Chairman of Wood Group, an energy services company. Wood Group stated that the oil and gas companies located in UK’s North Sea region could lay off 45,000 employees in 2016, The Times reported.
Sir Ian Wood explained that the industry was on average witnessing 150 job redundancies per day and that the 2016 pace of job losses was the same as that in 2015. “We lost 65,000 jobs in the last year. And I do not think the losses have slowed down,” Wood explained.
Wood’s predictions also follow job cut announcements made by companies operating in the industry in the recent past, including BP, Petrofac Shell, Chevron, Talisman Sinopec among others. While BP announced in January 2016 that its North Sea operations would see 600 employees laid off, Petrofac, the oil services group, said it would cut up to 160 jobs, wrote International Business Times.