A new strategy unveiled by the government aims to secure billions of pounds of future investment and thousands of jobs in the UK.
The Oil and Gas Industrial Strategy: Business and Government Action Plan has been developed with industry and offers investment confidence and security by setting out a clear path to exploit the UK’s remaining resources.
UK oil and gas production is vital for energy security and to the economy, employing over 400,000 people.
The industry expects it will require an additional 15,000 staff over the next 4-5 years across a range of disciplines. Government and industry will look at establishing a national programme to retrain ex-military personnel to enable them to be redeployed in the oil and gas industry.
As part of the strategy part, £7 million has been given to Newcastle University through the Higher Education Funding Council for England (HEFCE) to establish the Neptune National Centre for Subsea and Offshore Engineering.