Contractors working in the oil & gas sector could very well benefit from the 39,000 new UK jobs being created over the following two years.
The Bank of Scotland surveyed a broad cross-section of 100 UK oil & gas companies for its third-annual report on the sector and found that expectations of job creation have increased by 5,000 since last year when it was expected the sector would deliver 34,000 new jobs.
The survey also found that confidence remains high among a majority of (69%) of UK’s oil & gas executives about their growth prospects in 2014/2015.
According to the report, many firms have concerns about skills shortages; with 38% saying this will be the greatest challenge they’ll face in the same period, which is up from one-third (33%) last year.
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, however other parts of the UK will benefit from expansion plans.
“The report also highlights the growing challenges posed by the lack of a skilled workforce. Positive action is underway to address this shortfall, with new partnerships between higher education institutions and industry as well as the creation of new specialist apprenticeship schemes.”
He added, “The results also demonstrate the global nature of the industry as more firms look to expand internationally and tap into the markets with the largest levels of recoverable reserves. With 44% of income already generated internationally, this is not a new trend, and reflects the reach UK firms have as the industry benefits from the expertise gained in the challenging North Sea environment.”
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