Optimism “falling” in UK oil and gas business

The optimism of businesses in the UK oil and gas sector continues to fall suggests a new Business Sentiment Index. Published yesterday (August 6) by trade body Oil & Gas […]

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By Vicky Ellis

The optimism of businesses in the UK oil and gas sector continues to fall suggests a new Business Sentiment Index.

Published yesterday (August 6) by trade body Oil & Gas UK, it looks at economic indicators including business confidence, activity levels, business revenue, investment and employment, for the second quarter of the 2014.

Though there is a fall the mood remains positive, from six points above zero to two points on the -50 to +50 index.

But the decline shouldn’t be ignored, warned Ken Cruickshank, Oil & Gas UK’s Operations Manager.

He said: “Unfortunately we have seen the index fall over the last five quarters.

“Incentives are required to encourage further investment in the basin to turn around low levels of drilling as the reduction in activity levels is adversely affecting the outlook of contractor, service and companies in the wider supply chain.”