Employment in the UK's crude oil extraction sector, measured in thousands (Full-Time Equivalent), has experienced fluctuations from 2013 to 2023. In 2023, employment stood at 11.9 thousand FTEs. The sector saw an initial increase up to 2016, peaking at 16.34 thousand FTEs, followed by a sharp decline in 2017. The years 2018 to 2020 continued this downward trend, with the most significant drop in 2020 at -18.14%. A recovery was observed in 2021, but the overall trend remained negative. The average annual decline over the past five years (CAGR) up to 2023 was -0.62%. The forecast for the next five years suggests a continued decline, with a projected CAGR of -1.16% and an overall decrease of 5.68% by 2028.
Future trends to watch include advancements in renewable energy sources, regulatory changes, and oil price volatility, which could further impact employment levels. The UK's commitment to net-zero emissions and a potential decrease in crude oil dependence may also contribute to the sector's contraction.