BP delivered a massive jobs boost.

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Today BP has announced a commitment to stay at the North Sea for the next 40 years.  The installation of the modules for its Clair Ridge platform and the imminent arrival of the storage vessel Glen Lyon has been hailed as a “once in lifetime” double win for the region. Thanks to that investment they will be able to hire more than 500 people and exploit over one billion barrels of oil.

Since O&G sector is now going through hard time according to plummeting oil prices and driven down by reducing the employment, such information is a good sign that the industy will recover. More than 65,000 jobs have gone with more redundancies in the pipeline across the sector due to numerous projects being put on hold. Operators have slashed costs as profit margins have dropped significantly over the past two years.

In reference to Mr. Ian Wood’s opinion industry will recover in 5 years. The new jobs are linked to the hook-up and commissioning of the two projects with the work expected to last 18 months.

Source: http://www.oilandgaspeople.com

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