Representative body Oil and Gas UK (OGUK) has launched a survey to find solutions to the problems faced by the offshore industry during the coronavirus pandemic.
The survey questions cover offshore activity, staffing and investment levels. OGUK has issued it to hundreds of member companies in the industry supply chain. These range from large contractors to small/medium-sized enterprises.
Their answers will inform a Covid-19 Sectoral Resilience Package the industry is putting together. According to OGUK, this will ‘build upon the already extensive support offered by governments to companies and other self-employed workers’.
The UK Government has announced its plans to introduce a Coronavirus Large Business Interruption Loan Scheme (CLBILS), to provide a guarantee of 80%.
OGUK Supply Chain director Matt Abraham said: “Our supply chain is facing pressures in the extreme. The operational impact of the coronavirus pandemic, low oil and gas demand and low prices mean an uncertain future for many. This triple whammy of concern comes only as many were just starting to emerge from the impact of the previous prolonged downturn.
“Last night’s announcement from the government is welcome and confirms it is listening and responding to feedback, however, there are still specific issues with regards to support for the oil and gas sector which OGUK is working to address with both UK and Scottish governments.”
OGUK noted that it expects to provide further details on its proposals in the near future.
In January, OGUK outlined its plans to decarbonise the industry in response to the UK and Scottish government’s net-zero emissions goals.
Last March, OGUK published its flagship Business Outlook 2019 report into the offshore oil and gas industry, which indicates continued uncertainty in commodity markets is reinforcing investor caution.