In recent years, the UK economy has faced some of the most difficult times in its history.
Five years after the start of the 2008-2009 economic downturn, economic growth remains 2.6% lower than the pre-recession peak, according to the Office for National Statistics.
However, with the International Monetary Fund raising its UK growth forecast for this year, business confidence here is at its highest level since 2007, according to the British Chambers of Commerce, and with youth unemployment lower than a year ago, green shoots are emerging.
What’s more, the UK’s recovery will gather pace from 2014 as exports and business investment take up the slack in the economy, according to Ernst & Young’s Item Club.
While the British economy appears to be heading in the right direction, it’s heartening to note that the oil and gas industry is growing faster than most.
Oil & Gas UK’s Activity Survey published earlier this year outlined a diverse mix of investment, ranging from projects of less than £50million through to some of more than £1billion.
In total, investment soared to £11.4billion in 2012 and is expected to rise even further this year to at least £13billion.
Aside from being the single largest industrial contributor to the UK economy by some margin, the oil and gas sector creates and sustains thousands of skilled and valued jobs. In fact, our industry employs over 440,000 people – supporting hundreds of thousands of families up and down the UK, including many here in the Scottish north-east.
Unfortunately, these facts are not well known or understood outside the key oil and gas hubs.
Don’t just take my word for it – the Government agrees that raising the profile of Britain’s growing oil and gas sector, to foster innovation and attract the best talent is necessary.
In addition, a report by Dana Petroleum, PwC and by Robert Gordon University published earlier this month also argued that to attract the right kind of people and fulfil its potential the industry must do more to advance its reputation, the recommendation being that the industry must persuade its own workforce of the value it creates and attract young people to join it.
Earlier this year, at the launch of the oil and gas strategy, Government secretaries Vince Cable, Ed Davey and Michael Moore told business leaders in Aberdeen that investment confidence, innovation and a skilled engineering workforce would be boosted by setting out a clear path to exploit the UK’s remaining resources.
To support the current Government’s objectives, Oil & Gas UK has launched “Energising the Nation’s Future”, a campaign which aims to showcase the industry’s contribution and importance to the UK economy, innovation and skilled job creation.
Through our website – energisingthenationsfuture.co.uk – we’re asking people who are proud to be in our industry to share their stories.
We’ve heard from engineers who have travelled from Norway to Indonesia with their careers, apprentices in the midst of their charter-ship, and managing directors who feel the oil and gas community is genuinely close-knit.
If you’d like to share your story, please join Energising the Nation’s Future and help Oil & Gas UK raise awareness about our industry’s contribution and the opportunities you’ve been presented with.
After 39 years working in oil and gas, I’m still hugely impressed by our industry and the great people who work in it who I meet along the way.
My hope is that through this campaign, in public and behind the scenes, we can raise public awareness about the industry’s contribution and its ability to thrive and serve this country well for decades to come.
Please do tweet #ogproud if, like me, you’re Proud to be in Oil & Gas.
Energising the Nation’s Future aims to showcase the oil and gas industry’s importance to the UK through its economic contribution, innovation, and skilled job creation.
Join the campaign at
http://energisingthenationsfuture.co.uk/joinus
.
Malcolm Webb is chief executive of Oil & Gas UK
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