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

Thames Water gets ready to tender £2.6bn AMP7 construction work contracts

Thames Water gets ready to tender £2.6bn AMP7 construction work contracts

Thames' draft AMP7 plan includes a number of complex projects, significant programmes and anticipates a potential increased volume in maintenance activity in response to changing customer and stakeholder needs, population growth and a changing environment. Thames has set out details of the proposed

British Water Annual Lunch 2019

British Water Annual Lunch 2019

London Stadium, a world-class venue, has played host to this year’s British Water Annual Lunch. This highly-regarded networking event is an occasion for members, and invited guests of British Water, to network and promote their businesses to over 200 key industry professionals which will

MWH Treatment wins Severn Trent AMP7 framework contracts

MWH Treatment wins Severn Trent AMP7 framework contracts

We are pleased to hear that our client water sector specialist MWH Treatment has been awarded a place on Severn Trent’s AMP7. The agreement extends an existing 20-year relationship and MWH Treatment (MWHT) will develop and deliver a share of the £2 billion capital works programme,

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.