Oil & Gas job losses could reach 120,000

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Due to a major downturn, UK job losses in the oil and gas sector could reach 120,000 by the end of 2016. Oil & Gas UK estimated that approximately 84,000 jobs connected with the sector went in 2015, with another 40,000 losses expected during the current calendar year.

It said the offshore industry supported 453,000 jobs at its 2014 peak - either directly, in its supply chain or in trades such as hotels and taxis.

The analysis was carried out by marketing services company Experian.

Many companies have struggled following the constant decline in oil prices.

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