U.K. Oil and Gas Industry May Lose 30,000 Jobs Amid Coronavirus Slump
- Cash flow could turn negative this year, trade body says
- The sector’s capital investment will fall 20%-30% in 2020
Oil & Gas U.K. estimates that production revenue from the U.K. Continental Shelf could fall to just 15 billion pounds ($18.7 billion) this year, based on an average Brent price of $40 a barrel.
Photographer: Simon Dawson/Bloomberg
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The U.K.’s oil and gas industry could lose as many as 30,000 jobs over the next 12–18 months and see drilling levels plunge by a third amid the coronavirus-led drop-off in investment and slumping energy prices.