UK Oil and Gas Sector Expects Jobs Growth

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7th April 2014 11:05 - Oil and Gas

According to a report released by the Bank of Scotland, the oil and gas sector has the potential to create 39,000 new jobs in the UK over the next two years, underlining continuing optimism in the industry but heightening worries about skills shortage.

A similar study carried out last year indicated companies in the sector would recruit an additional 34,000 people over two years. However, the bank’s third annual survey of 100 UK oil and gas companies suggests the sector’s expectations for job creation have increased by around 5,000 from 2013.

A clear majority (69%) of UK oil and gas executives were confident about their companie’s growth prospects for 2014-2015, slightly down from the 77% recorded last year.

The survey found that two fifths (38%) of oil and gas companies saw a skill shortage as the greatest challenge they were facing over the next two years, up from a third (33%) last year. Nearly 90% of engineering companies said a lack of skilled workers was their greatest challenge.

Bank of Scotland Commercial Area Director Stuart White, said:

"The findings of this report are excellent news for the economy, demonstrating the employment-generating nature of the oil and gas industry now and in the future… With most of the UK's oil and gas firms clustered in Aberdeen and the north-east, Scotland should reap the largest share of these new jobs…”

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