UK oil and gas sector set for jobs rise

The J W McLean semisub Rig off the Scottish coast. Photo courtesy of Steven Straiton.
The J W McLean semisub Rig off the Scottish coast. Photo courtesy of Steven Straiton.

The oil and gas sector could create up to 39,000 new engineering jobs in the UK over the course of the next two years according to research commissioned by the Bank of Scotland.

 

Industry expectations of job creation have increased by 5000 since last year according to a survey covering 100 UK oil and gas companies. Confidence about growth prospects for 2014/15 among oil and gas executives dropped slightly to 69% from the 77% who predicted growth last year.

 

The survey was carried out for the Bank of Scotland’s third annual report on the oil and gas sector. It shows that concerns around talent in the oil and gas sector have grown, with 38% naming a shortage of skills as the greatest challenge faced, up from 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.”

 

International expansion was a priority for 64% of all companies asked while almost half of exploration and production companies said they were planning further growth in foreign markets in the next 24 months.

 

When asked about diversification, 48% of all companies showed interest in onshore shale gas, 38% were interested in funding solutions for decommissioning activities and 36% said they would like to expand into renewables.

Please rate

Comments 

Ctrl + Enter

Most Read

We are a graduate-friendly organisation

We are a graduate-friendly organisation

We are proud to announce that we continue to be recognised as a graduate-friendly organisation and employed our third graduate. Her name is Ksenia, she holds a Bachelor degree in Media Studies. Ksenia will be assisting our marketing team in daily administrative tasks, performing market analysis and

Women in STEM: Breaking into the Boys’ Club

Women in STEM: Breaking into the Boys’ Club

STEM includes the disciplines science, technology, engineering, and mathematics. When it comes to STEM the old adage rings true, “The more things change, the more they stay the same.” Fields like tech and mechanical engineering are some of the fastest developing career fields in the

Join Industry Experts and Exhibitors at UK Construction Week 2017

Join Industry Experts and Exhibitors at UK Construction Week 2017

Staying up to date on the latest tech, trends, and safety strategies is not only helpful, it’s vital in the quickly changing landscape of today’s world. It seems like every time we turn around there are new updates and innovations. What better way to stay up to date than UK Construction

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.