Petrofac has secured a $100 million North Sea contract with Total covering a three-year extension across several areas, including the Alwyn and Dunbar platforms in the North.
While the contract is welcomed and will be seen by some as a sign that the faltering North Sea oil economy is not yet entirely without hope, the $100 million contract only translates into 150 jobs. The report ‘Fuelling the Next Generation’ forecasts that the North Sea oil industry will be cutting 4,000 jobs a year to 2020 and will see some 35,000 jobs lost by 2019/2020. At the same time the industry is expected to recruit 12,000 new poeple to meet new skills demands around maturing assets, infrastructure and fields.
While the North Sea oil industry is facing a future of declining investments, analysts expect opportunities in to grow in the supply chain, the need to decommission aging assets and potential employment in onshore shale projects.