DHAKA: The contraction of Britain’s offshore oil sector has already stripped out 65,000 jobs, according to a new report.

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.

The cuts came as operating expenditure on existing assets was slashed, says the BBC.

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.

BDST: 1555 HRS, SEPT 09, 2015
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