Good long term prospects for oil and gas contractors
The UK North Sea could be a ripe source of roles for contractors if the government commits to providing a sustainable future for those industries. There is a degree of optimism about the potential for further exploration which, coupled with tax breaks and restructuring, could create ideal conditions for workers who are seeking longer term opportunities.
Oil and Gas UK have released their Activity Survey 2015 which is keen to encourage action in the sector to ensure the future of contractors and the UK industry as a whole. The request for government to work with the industry in order to secure its future has come at a time when the huge potential of the region is being recognised, meaning that with sufficient buy-in from the powers that be, this could be realised and create numerous employment opportunities.
Malcolm Webb, the chief executive of Oil and Gas UK has noted that the importance of investment in the industry is not just to provide employment for the thousands of specialist contractors who may benefit from long term planning, but also to provide energy security for the whole of the UK. Having a domestic supply of oil and gas ensures that we are able to maintain a degree of independence which would otherwise not be available to us as a nation, according to Mr Webb.
A failure to invest appropriately in the industry could see the highly skilled professionals who work in the industry moving away from the UK to pursue opportunities in areas where their abilities are recognised. The existing infrastructure designed to make the most of the oil and gas available in the UK needs investment to ensure that it remains sustainable. The report has also pointed out that exploration has slowed down and could therefore be boosted significantly in order to make the most of the resources available.
Commentators are optimistic about the chances of oil and gas featuring in the 2015 budget, with many expecting the chancellor to announce tax breaks which will encourage North Sea producers to invest in both production and exploration. There is good reason for them to believe that good news is imminent as the Autumn Statement did contain a commitment to an Investment Allowance which suggests that the government will continue to work closely with the industry to assure its future.
IPSE have welcomed the news, with Director of Policy Affairs Simon McVicker believing that tax breaks for the industry will allow them to continue to thrive and improve on the prospects of the contractors working in the sector. As an industry dominated by contractors, IPSE are keen to see more investment in the industry in order to preserve is as a national asset which provides employment for thousands of skilled professionals.
For an idea of how much you could earn as a contractor, our take home pay calculator can help you estimate your potential profit levels. We also have guides to contractor tax and expenses which will provide you with all the information you need to understand your position.
If you are a contractor who wants to ensure that your finances are in good order so that you can focus on the important business of working, then we can save you time and money, so give us a call on 01442 275789 or email email@example.com.