UK oil industry flourishing!
The UK Oil industry has seen a revival after plunging in 2016.
It has been warned that although 2017 brought a slight revival, 2018 is essential for the survival of the industry. It is discussed that there has been a £2bn contraction overall in the industry, due to drops in investment, less and less oil fields being drilled as exploration and appraisal activity has dropped massively.
The industry has responded by cutting headcounts, and attempting to make their operations more streamlined; by cutting costs and investing in new technologies to attempt to ride out the down turn in the sector. However the greatest issue that has been highlighted is not the inefficiencies within the industry, but the lack of a sustainable future vision for the industry.
The renewable energy sector is growing considerably. The sector is receiving very favourable press in all walks of media, whilst non-renewables are suffering as a result. Technology is there to allow early adopters of domestic solar panels to sell energy back to the companies. Electric car charging points are spreading throughout the country’s infrastructure, making it easier and more profitable than ever to adopt renewable energy sources.
Oil is suffering from the increasing strength of the renewables sector, but there are some opportunities for the sector to flourish again. The US governments backtrack from renewables and leaving the Paris agreement give hope to the oil industry, as there may be changing views of the oil industry as a whole.
This goes a long way to highlight the possible fluctuations within the industry. Energy costs and production changes at the whims of the market, and can be highly confusing and complex. Save you and your business the hassle, speak to us directly and we can help you future proof your business. Our details are on or website or find us on Facebook, twitter or LinkedIn.