Gross revenue from the UK oil and gas sector rose by 28% to $2.8bn in 2011, according to a new report from Oil & Gas UK.
The report, published on 9 May, found that the number of highly-skilled jobs supported by oil and gas companies rose by ten percent last year to 13,000, which included 2,000 graduate engineers and 1,500 technicians.
Ken Cruickshank, Oil & Gas UK supply chain manager, said this latest report illustrates how the $91.7bn wave of spending on UK oil and gas projects in 2011-13, which was highlighted in the company’s Activity Survey, is boosting activity and jobs in the well services business.
"With strong spending on UK oil and gas projects forecast to continue, the well services sector has the potential to grow even further and of course, we are yet to see the effects of the measures announced in the 2012 budget to stimulate investment in UK oil and gas projects," said Cruickshank.
The sector’s UK earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 23% to $437m in 2011, the report states. Investment in future capacity also increased by 20% to $178m, half of which was in capital equipment, the other half in new technology.
In 2012, gross revenue is forecast to rise by six percent and EBITDA by 30%.