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    Government to securitize $3.3bn in Central Bank loans

    Ghana withdraws $672m back-tax demand from MTN Group

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

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    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

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    EIU analysts forecast grim economic outlook for Africa in 2023

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UK’s oil sector loses 65,000 jobs-Report

bycitibusinessnews
September 10, 2015
in Business, News, Oil And Gas
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The contraction of Britain’s offshore oil sector has already stripped out 65,000 jobs, according to a new report.

[contextly_sidebar id=”E2K9ddiKy4K0D29r6G2GNanxpWXfiLPS”]The calculation of a 15% drop since the start of last year came from the annual economic impact report of trade body Oil and Gas UK.

It said the number of jobs supported by direct, supply chain and indirect employment had fallen from 440,000 to 375,000.

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The cuts came as operating expenditure on existing assets was slashed.

About £800m (8%) of costs have been cut this year and a further £1.3bn (14%) is planned for next year.

Some large fields are coming on-stream, so those cuts will be offset by more than £1bn per year being spent on operating them.

Improving efficiency

The report said cost-cutting could be expected to be the focus of industry activity for the first nine months of this reaction to lower prices.

After that, it should move on to improving efficiency and then transforming the industry over three years. Those processes could lead to further job losses.

The Oil and Gas UK calculation of job losses is based on a 15% reduction in the direct employees of the offshore industry, down by 5,500 from the official estimate in 2013 of 36,600.

The wider impact follows from applying that scale of cut to the supply chain and those who depend, in turn, on those companies’ and workers’ spending.

The industry is responding to revenues falling by 20% last year, and another 30% this year.

–

Source:  BBC

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