Contractors working in the oil and gas sector could see an increase in opportunities after the Chancellor announced tax breaks for North Sea companies.
In his recent Budget, George Osborne said we must make the most of the natural resources available to us in the North Sea, and to enable companies to do this he would double the tax breaks available to them. It is now believed that oil and gas companies will take the opportunity to develop fields that would otherwise not have been financially viable.
Will Atkinson, a director at TEC Group International, said this was great news for the oil and gas recruitment sector. In theory, there are fewer candidates than opportunities, a situation that has not occurred in the last three years. If that really is the case, specialised contractors should be able to secure lucrative long-term positions.
Air Energi’s group marketing manager, Ben Quinton, welcomed the tax changes saying they brought new incentives for the major players in the sector to commit to marginal North Sea projects. This will provide work for engineers with experience in construction, design, exploration and planning.
In fact things are looking pretty good for the oil and gas sector. BP recently made a multi-billion dollar investment in the Quad and Claire Ridge projects and ConocoPhillips has put more money into the Jasmine field.
Engineers with experience in the oil and gas sector are already in high demand globally and the Chancellor’s tax changes will ensure this demand continues for many years to come. We may even see Aberdeen’s golden age of prosperity return.
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Image: oil rig by tsuda
