Between 2013 and 2015, wages and salaries in the UK's oil and gas extraction sector increased significantly, peaking at €3.02 billion. However, from 2016 onwards, there has been a downward trend, with the value decreasing to €1.62 billion by 2023. This represents a diminishing growth trajectory from -1.6% year-on-year variations in recent years. The CAGR from 2018 to 2023 was -0.5%, indicating a gradual contraction.
Looking forward, the forecast suggests a continued decline, with a 5-year CAGR projected at -1.41%, leading to an estimated value of €1.48 billion in 2028. Variables to watch include global oil prices, technological advancements, and regulatory changes which could further influence wage trends in the sector.
