UK Oil and Gas Industry could create 40,000 new jobs in 2014
The Bank of Scotland commissioned a survey of 100 companies and created the report entitled “Rising Fortunes…..” which indicates 69% of the executives involved were positive about growth for 2014 and 38% said rising skill shortages in the sector would be their biggest challenge.
The survey found suppliers of equipment and services were more positive towards growth at 82% than exploration and production at 72%. Four times as many jobs expected to come from the suppliers versus the exploration and production firms.
Africa, North America and the Middle East are seen as areas for the fastest expansion but overall companies are willing to invest across the board and investment figures should hit about $30 billion.
The increasing skills shortages are being address through the STEM program for students (science, technology, engineering and maths), facilitating the transition of labour from transferable sectors including the armed forces with strong logistics, engineering and project management skills and encouraging retirees to take flexible roles to pass on their skills and knowledge.
The research was carried out by BDRC Continental and companies were chosen from a range of features to give a broader picture. 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.
For more on the survey and the market indications it presents find the full articles sourced here: