Trade body Oil & Gas UK states since the industry's jobs peak of 450,000 in 2014, the sector has fallen by around 84,000 to 370,000 in 2015.
With Brent crude oil now trading at around $50 a barrel, forecasts are now suggesting a further 40,000 jobs will be cut this year.
This would leave the industry supporting 330,000 jobs by the end of 2016.
Oil & Gas UK is set to hold its annual conference in Aberdeen next week, which will discuss ways in which the industry can safely manage the current downtown as well as securing the thousands of jobs it still supports.
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Deirdre Michie, Chief Executive of Oil & Gas UK, said: "We cannot underestimate the impact the global downturn in the industry is having on the UK economy, nor the personal toll for those who have lost their jobs, and the effect on their families and colleagues.
"We recognise this and are doing everything we can to support these people, working with the UK and Scottish Governments through their task forces to find suitable alternative employment, as well as with the unions as we go through these difficult times.
"330,000 jobs is still a significant number, but the total employment we will sustainably provide depends on the level of investment attracted into the basin.
"If investment falls, then so will jobs. The interventions we make now will be critical to shape the industry's direction and help stem future losses."
(LM)
