Bank of Scotland report highlights 8,000 jobs to be created in oil & gas
13 March 2015
UK oil & gas companies expect to create 8,000 jobs over the next two years, according to the Bank of Scotland’s fourth annual oil & gas report.
Fri, 13 Mar 2015UK oil & gas companies expect to create 8,000 jobs over the next two years, according to the Bank of Scotland’s fourth annual oil & gas report.
The survey of 101 companies found 92% were expecting to grow, with 39% acknowledging the fall in oil prices had delayed planned investment.
Despite recent media reports claiming the slump in oil prices could claim 35,000 jobs in the sector, only nine of the companies surveyed by the bank expected to reduce headcount.
The 101 firms surveyed created almost 10,000 jobs over the last two years.
Bank of Scotland area director of commercial banking Stuart White said in a statement: “Firms continue to be concerned by an ageing workforce and a lack of skills, which explains why the industry is determined to get through the current storm without major workforce reductions.”
Commodity prices and increased cost of production were also concerns among the companies.
The report signalled increased potential for mergers and acquisitions in the industry, with a quarter of the firms saying such a deal was on the cards.
The survey of 101 companies found 92% were expecting to grow, with 39% acknowledging the fall in oil prices had delayed planned investment.
Despite recent media reports claiming the slump in oil prices could claim 35,000 jobs in the sector, only nine of the companies surveyed by the bank expected to reduce headcount.
The 101 firms surveyed created almost 10,000 jobs over the last two years.
Bank of Scotland area director of commercial banking Stuart White said in a statement: “Firms continue to be concerned by an ageing workforce and a lack of skills, which explains why the industry is determined to get through the current storm without major workforce reductions.”
Commodity prices and increased cost of production were also concerns among the companies.
The report signalled increased potential for mergers and acquisitions in the industry, with a quarter of the firms saying such a deal was on the cards.
