The employment in the UK’s crude petroleum and natural gas extraction sector is projected to gradually decline from 12.1 thousand FTEs in 2024 to 11.53 thousand FTEs in 2028. From 2023, where employment stood at 12.25 thousand FTEs, this indicates a continuous decrease. Year-on-year reductions are marginal, averaging around 0.8% annually from 2024 to 2028. The compounded annual growth rate (CAGR) over this forecast period is negative, highlighting a steady contraction.
Future trends to watch for include:
- Technological advancements potentially reducing workforce needs.
- Shifting focus towards renewable energy impacting fossil fuel demand.
- Policy changes and economic factors influencing sector employment.
