Earlier in the week Company Connecting published an infographic on 289 IT and telecoms companies providing products and services to the Oil & Gas sector - more than half of which are based in the Aberdeen City and Aberdeenshire Council areas.
From 2008 to the summer of 2014 the oil price was high - over $100 per barrel. However, by the end of 2014 it was down to $57 per barrel, and in January 2016 it fell below $40. The industry has had to adapt, and it remains an important to the UK economy even with the drastic reduction in the price of oil.
While large numbers of jobs were lost there will still be many jobs for years to come whether it is decommissioning or improved technology making extraction cost effective again. We take a quick look at the potential for innovation in the industry. Organisations like the OGTC and TechX, its accelerator, are playing an important role in introducing new technology and innovation into the industry.