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Oil and Gas Extraction: Will Contractors Reap the Benefits?

Oil and Gas Extraction: Will Contractors Reap the Benefits?

Recent figures offered by Oil & Gas UK have shown that 2013 represents a year of renewed Whitehall investment oil and gas extraction in the British Isles.

Combining both Government and industry input to the tune of some £13.5billion, the sector is looking forward to opportunities opening up for new field exploration, reinforcing the infrastructure of existing fields and operations, and boosts to the job market that already caters for some 450,000 professionals across the UK.

So with the industry as a whole on the front-foot, can contractors expect to share in the fruits of renewed investment? Mike Lee of Umbrella payroll and accountancy specialists PayMatters, has little doubt that contractors in oil and gas can be ever more optimistic about good times ahead: “The figures are a welcome sign that the Government remains committed to ensuring that the UK oil and gas sectors retain their competitive edge.”

“Let’s be quite clear here, the industry is the UK’s largest industrial investor and has been a bedrock of economic growth for decades. £6.5billion poured into Government coffers through corporation tax in 2012-13, some 15% of the Exchequer’s total receipts in generating returns for that year.

“Looking beyond that, there is a clear desire to lift production levels still higher, to develop new rigs and re-develop and modernise existing infrastructure. With that kind of intent job opportunities will arise and contractors are well-placed to get the best out of a buoyant market

“The skills shortage that has troubled the industry is a continuing issue for major operators, but means that contractors can benefit from higher than average salaries as their talents are in such great demand. An industry figure for average pay that we have seen quoted is around £64,000 per year. We would expect contractors to beat that. Their flexibility offers project management teams a great upside when seeking to get talent in quickly to beat tough deadlines, and with work opportunities throughout the industry expanding weekly, we expect contractors to be at the heart of things as UK oil and gas continues its upward curve.”

PayMatters are APSCo accredited, professional passport approved and are business partners with the Institute Of Recruiters (IOR). PayMatters pride themselves on being fully HMRC compliant from an employers and employees NI, PAYE and expense perspective. For further information please contact Mike Lee, Sales Director on 07769 934842.