Recent results from a British Geological Survey have greatly increased the estimated volume of UK shale gas resources. Some four decades worth of gas reserve has been earmarked for investigation as the UK Government seeks to position the controversial process of hydraulic fracturing, or ‘fracking’, as the centrepiece of a new energy policy.
Opponents of fracking – which involves pumping water into shale gas-rich rock formations to push out natural gas – have flagged up serious environmental concerns, such as the possibility that widespread drilling causes earthquakes as well as damaging local environments.
However, with new legislation in place to protect communities from poor practice in the emergent fracking industry, the UK is likely to press ahead with plans to investigate shale reserves throughout the northern England, where reserves are most abundant. Early industry estimates suggest that shale gas exploration could mean some 25% of the UK’s gas demand being met from the British Isles, and thousands of jobs could be created as a result, many within the oil and gas industries.
We asked Dexter Dyer of PayMatters, a payroll and tax advice firm that helps oil and gas contractors throughout the UK, for his opinion on how the development of a shale gas industry could affect contractors’ employment opportunities: ‘The news of the government’s commitment to thoroughly exploring shale gas extraction is undoubtedly of great interest to anyone involved in the oil and gas industries. These industries cater for jobs across a wide-range of disciplines; engineers, accountants, and highly skilled IT technicians will surely benefit.”
Dexter added “Contracting particularly within the IT sector seems to be growing significantly, we can provide valuable advice to any IT contractor who may be seeking a payment solution for their new contracts. Additionally, most new jobs created will be in parts of the UK that most need the boost of new employment streams, and that will certainly be seen as a positive development. We would anticipate great interest from both our agency and contractor-side clients in getting involved in this new industry. PayMatters would hope to be of great assistance in terms of advising on and managing tax compliance issues and payroll concerns for individuals or firms looking to grow themselves into this emerging market.’
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 Dexter Dyer, Senior Business Development Manager on 07825 605 407, dexter.dyer@paymatters.co.uk
