Grant Allan (Fraser of Allander Institute and Department of Economics) presented the results of the 20th Oil and Gas survey to industry leaders in Aberdeen on June 5. Running since 2004, this survey provides both a detailed snapshot and trend data for optimism and activity across operators, contractors and service companies active in this critical sector of the Scottish and UK economies.
The latest survey found that contractors were less confident about their future activity in the UK Continental Shelf (UKCS) than over the last two years, but the fall in confidence was less marked among larger firms. Expanding into new markets was the major investment area of firms both in the last year and over the next two years, with staff training a close second, demonstrating the continuing important for firms of retaining highly skilled staff. The survey also reported results from questions on firms’ attitudes to the recent Wood Review and the Scottish independence referendum, with 45% reporting that the referendum is having a consequence on plans and investment proposals.
The survey is carried out by the Fraser of Allander Institute twice a year, and is run in collaboration with Aberdeen and Grampian Chamber of Commerce, and with sponsorship from law firm Bond Dickinson, and can be found online here.