Why the Oil and Gas industry is a ‘Gold Mine’

by SJD Accountancy on June 21, 2013

The oil and gas industry is proving to be very lucrative at the moment, with recent research from the likes of Oil & Gas UK providing the evidence to back this up.

Well Services See Record DemandSJD Accountancy - Oil & Gas contractors

A recent report by Oil & Gas UK has shown that there has been record demand for Oil and Gas well services in Britain.  Companies delivering drilling, completion, testing and maintenance for oil and gas wells generated gross revenue of  £1.9 billion in 2012, the highest since records began in 1996.

In line with increasing oil and gas activity on the UK Continental Shelf (UKCS), the total number of technicians and graduate engineers employed by well services contractors rose to 2,200 and 1,700, respectively, with new recruits into both groups also increasing.

The Rt Hon Dr Vince Cable, Secretary of State for Business, Innovation and Skills, said of the report, “These figures show just how valued the UK’s expertise in the oil and gas sector is across the world. They also emphasise the value and potential growth of the industry to make a stronger UK economy. We want to continue to attract investment into the supply chain so that we can compete internationally.”

Oil & Gas Business Confidence Remains Positive

But it’s not just the well services that are experiencing encouraging news; there’s also the fact that the latest business confidence survey from Oil & Gas UK has shown that the entire industry has continued to feel positive in the first quarter of 2013.

According to these findings, facilities engineering, operations and maintenance rose by three points (from 61 to 64), marine and subsea increased by one point (61 to 62) and support services (logistics, transportation, HSE equipment, training, finance, insurance, legal and catering) rose by three point, from 64 to 67.

A recent Recruitment and Employment Confederation’s Report on Jobs revealed that contractor placements and rates of pay have seen an increase as of lately, with the engineering sector in particular being one of the most sought out contracting categories.

What are the Benefits of Becoming an Oil and Gas Engineer Contractor?

  • Higher rates of pay – contractors can often see much higher rates of pay compared to a permanent worker, and what with the fact that they are not entitled to certain benefits such as sick or holiday pay, this is only fair!
  • Freedom – one of the many advantages to working as a contractor in general, is that you are essentially your own boss, meaning that you choose which contracts to take on and for how ever long you like.
  • Prospects – the oil and gas sector is one of the few industries that with ever increasing opportunities, finds it difficult to keep up with demand, meaning there is an endless supply of contracts out there.
  • Experience – the more contracts that you take on, the more you increase your both your practical and managerial skills, which will mean that you will be more attractive to a client and will be able to negotiate higher rates of pay.

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