By CKOM Staff

Study estimates 12,000 job losses in Sask. oil patch in 2015

May 21, 2015 | 2:02 PM

Shrinking budgets in the oil and gas industry could lead to as many as 12,000 direct and indirect job losses in Saskatchewan this year, according to a new study by an industry group.

The report, released Tuesday by the labour market division of Enform, says Canada’s oil and gas industry could stand to lose an estimated 185,000 jobs. The potential losses would represent a 25 per cent drop in the number of jobs the sector supports and are the result of major budget cuts in the oilpatch and low oil prices. 

The industry is expected to spend $94 billion this year, down from $125 billion last year, the study said.

While Alberta would be the hardest hit by any cuts, the pain would extend across the country.

Alberta would make up two-thirds of the job cuts with an estimated 126,000 layoffs. An estimated 20,000 jobs would be lossed in British Columbia. Ontario could stand to lose an estimated 14,000 jobs.

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The majority of the estimated 12,000 job losses in Saskatchewan would impact oil and gas engineering construction, and support activities for oil and gas extraction.

-With files from Canadian Press

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