Procorre, an international professional services consultancy, has said that the Ukraine crisis is likely to have only a limited impact on the UK oil and gas consultant community. New research from the company has revealed that UK oil and gas consultants are not reliant on opportunities in Russia, and that only 4% of all new oil and gas jobs targeting UK consultants are in fact from Russia. This means that any new sanctions on Russia will only have a limited impact on overall demand for oil and gas consultancy from the UK.
Russia and Ukraine
At present, the UK, along with the rest of the EU, upholds targeted asset freezes and travel bans against individuals in Russia and Ukraine following the annexation of the Crimea. Despite a peace agreement there continues to be a standoff in eastern Ukraine between pro Russia separatists who are occupying Government buildings and Ukraine’s military, and the EU and US are reported to be contemplating wider economic sanctions.
Procorre’s research has pointed out that while the impact on UK oil and gas consultants will be minor, if there is any fallout from the crisis it is most likely to affect the highest paid UK oil and gas consultancy firms. Russian posts account for 9% of all top paying jobs currently advertised.
Several western oil and gas companies employ UK consultants in Russia. These include Exxon, Eni, Rosneft, Shell and Total.
Lisa Mangan, Relationship Manager, Procorre said, ‘while the situation in Ukraine is disturbing, it is unlikely to have a significant impact on the UK oil and gas consultant community as a whole. However, if tensions between the West and Russia do escalate then this would be a concern for the significant number of highly paid UK oil and gas consultants that are currently working in Russia.
"The situation on the ground is changing by the day and at this stage it is unclear what the outcome will be. However, if the situation continues in the longer term UK consultants that have developed a particular Russian focus will have plenty of scope to explore opportunities in other high demand regions such as the North Sea, North America and Africa."
Adapted from a press release by Claira Lloyd.
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