GE Sees a Powerful Future in This Oil and Gas Market
General Electric’s (NYSE:GE) Rod Christie, CEO Subsea Systems, GE Oil & Gas, has a vision for the United Kingdom. Oil and gas has a 16 billion euro ($20.3 billion) economic footprint in the UK, with about 450,000 industry jobs. According to UK government statistics, oil and gas is one of the largest investors of any sector. With the export business currently estimated at more than 5 billion euros ($6.3 billion) a year, oil and gas has “the potential to sustain the domestic industry well beyond the life of the UK Continental Shelf,” according to Christie.
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With recent exploration and discovery of oil and gas reserves in the North Sea, there is increased demand for subsea engineering solutions to address the dangerous challenges associated with deep-water production. Christie sees a clear opportunity for the UK and the Scottish city of Aberdeen in particular to become a world power in the sector. “The competence of skills and the quality of technology, particularly those in the subsea sector here in Aberdeen, are very much in demand globally.”
However, according to PwC, almost half of the industry workforce in the area is over the age of 45. If Christie’s dream is to be realized, Aberdeen must attract 120,000 new recruits by 2022 and provide the necessary infrastructure for the industry to grow.
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