AS many as 30,000 oil and gas jobs could be at risk as firms deal with a triple whammy of the Covid-19 pandemic, a 20-year low in oil prices and 14-year low for gas, according to a new report.

Oil and Gas UK (OGUK), the representative body for the industry, forecast the dramatic reduction in revenue following a survey of its membership, which has triggered concerns that some firms will not survive a downturn likely to be more severe than that in 2015, and from which some are still recovering.

The Business Outlook: Activity and Supply Chain report, published today, calls for urgent action to protect energy security and jobs.

OGUK has asked governments and regulators to support a three-stage framework to support the sector in dealing with the immediate crisis while positioning it to play a key role in the UK’s transition to a net zero future.

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It includes recommendations to improve current Covid-19 financial packages, retaining a sector leading and progressive regulatory, fiscal and policy framework, as well as the development of a deal that will support the supply chain and accelerate the UK towards a net zero future.

“Like so many industries, our members have been profoundly impacted by Covid-19,” said OGUK chief executive Deirdre Michie.

“With historic low oil and gas prices coming so soon after one of the most severe downturns our sector has experienced, these findings confirm an especially bleak outlook for the UK’s oil and industry.

“If the UK is to maintain its supply of domestic energy, protect jobs and build the critical infrastructure it needs to transition to a net zero future, ours is an industry worth fighting for.”