employment

Oil & Gas

For Norway, oil at $50 is worse than the global financial crisis

10/08/2015

When the financial crisis brought the global economy to its knees, Norway was largely unscathed. But oil under $50? That's another story. Unemployment peaked at about 3.7 percent in 2010 in the post-crisis aftermath. Falling oil prices already pushed the jobless rate to 4.3 percent in May, the highest in at least 11 years, and that was before a renewed drop in Brent crude. Here are a few ways it's harder for Norway to deal with plunging oil prices than a global financial meltdown.

Oil & Gas

Sir Ian Wood tells new North-east taskforce for employment to set the standard for Scotland

17/06/2015

The north-east can carry the torch for Scotland in the crusade to reduce unemployment among the country’s young people, Sir Ian Wood told the region’s fledgling jobs taskforce yesterday. Sir Ian, the former chairman of energy giant Wood Group, said the area was in far better position than other parts of Scotland to meet ambitious employment targets put forward last year in his commission’s report into youth joblessness. He added: “We are very lucky in this part of Scotland. In terms of prospects, we have got a whole bunch of youngsters, whether we call them technicians or tradesmen, who are 25 to 30 years old and they’re earning up to £50,000 a year.

Oil & Gas

Low oil price could help create jobs

A low oil price of $50 a barrel could create 90,000 UK jobs by 2020, a new report has predicted, but government would need to act to support the North Sea. Big four accountancy firm PWC said the sharp fall in oil prices since mid-2014 should boost output and employment in most sectors of the UK economy compared to when Brent crude was riding high at $108 per barrel.

Other News

Amec Foster Wheeler launches jobs consultation

Amec Foster Wheeler has launched a consultation with its staff in the north-east that is expected to lead to an unspecified number of job cuts. The oil services firm, which employs about 3,000 in the region, said it aims to “mitigate the impact” of the fall in oil price through cost cuts but also pledged to relocate staff who will be affected by the move. The firm, which recently completed a merger with rival Foster Wheeler, was one of the first major oil services groups to cut contractor rates last year.

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