Oil & Gas UK’s quarterly business confidence index published on Nov. 16 reveals that the business outlook in the UK upstream oil and gas industry for the third quarter continued to remain positive.
The index provides the overall measure of industry confidence on a 100 point scale, with a higher rating (above 50) indicating a positive outlook and a lower rating (below 50) giving a more negative standpoint. This latest survey covered the three months to the end of September.
Brian Kinkead, Oil & Gas UK’s supply chain director, commented: “It is important to note that while we continue to see quarter on quarter adjustments, the overall index remains in positive territory. This mood was reflected in the results gathered from a ‘snapshot’ survey of participants attending the PILOT Share Fair 12 in early November, where 96 per cent of respondents felt the same or greater optimism about their business in 2011 compared to 2010.
“The micro-survey also showed a more positive year for employment in the supply chain, with 90 per cent of respondents saying that employee numbers in their organisation have either risen or remained static over the last year. It will be interesting to see how the Q4 results compare with the Q3 survey once the industry has had more time to digest the outcome of the 26th licensing round.”
The Oil & Gas UK overall industry index for the third quarter of 2010 measured 57, down five points from 62 points reported in Q2-10. The supply chain has seen a ten point reduction in confidence from 65 to 55.
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