UK's oil sector cuts 65,000 jobs since the start of 2014

(MENAFN) Nearly 65,000 jobs were cut as the shrinkage of Britain's offshore oil sector continues, with total employment falling from 440,000 to 375,000 since the start of last year.

The job cuts were mainly driven by slashing the expenditure on existing assets, furthermore, about USD1.1 billion of costs have been cut this year, plus more USD1.7 billion is scheduled for following year.

Moreover, The Oil and Gas UK calculation of job losses is based on a 15 percent decrease in the direct employees of the offshore industry, down by 5,500 from the official evaluation in 2013 of 36,600.

All in all, the industry is simply naturally responding to incomes dropping by 20 percent last year, and another overwhelming 30 percent this year, based on recent released reports.