North Sea oil industry’s negativity over Brexit

Only 5 per cent of oil and gas companies think Brexit will have a positive impact on operations in the North Sea, according to a new survey.

The industry report found half of firms anticipate that Britain leaving the EU will have no effect, while the remainder (45 per cent) predict it will have a detrimental effect on the sector.

The 29th Aberdeen & Grampian Chamber of Commerce Oil and Gas Survey found that firms have concerns about the impact and additional costs that Brexit will have on their trade and export activities, and that it could make it more difficult and expensive to do business in Europe.

A number of firms stressed concerns over EU employees leaving the UK, or firms not being able to attract new staff from Europe.

Almost half think that Brexit will have a negative effect on their ability to attract talent to their organisation, while almost half anticipate no impact.

Meanwhile, chemicals giant Ineos, which runs the Grangemouth plant, has announced its support for the UK government’s proposed EU withdrawal agreement.