Tycoon's fear for sector
North Sea oil job losses ‘could double’ says Wood
Sir Ian Wood: backing energy transition
Thousands more job cuts are likely in the North Sea oil and gas sector as plummeting prices cause a halt in investment, according to energy billionaire Sir Ian Wood.
The former head of Wood Group said he saw no pick up in activity for 18 months and he expects the 7,500 jobs already lost during the lockdown to double by the end of the year.
This only applies to those stalled investments that are already expected for 2020 and into 2021, said Sir Ian who retired from the company in 2012 and now chairs the economic development group Opportunity North East.
He expects the current $40 a barrel price level to accelerate moves towards energy transition.
He said this would give the region a “much better chance” of achieving a balanced economy.