A report suggests that thousands of new jobs are set to be created in the oil and gas industry.
The new report, the Lloyds Bank Corporate Markets report, Oil and Gas: Rising Fortunes, revealed that over three quarters of businesses said they expected to create new jobs over the next couple of years.
A survey conducted for the report questioned 100 decision makers. The report said that many businesses would take on an extra 500 staff and that 87% of them were on target to grow in the next two years.
Existing companies in the gas and oil industry are receiving extra orders and more work is emerging in overseas markets – all of which is helping to stimulate the oil and gas sector.
The fact that companies are set to take on more work and extra staff means that these benefits will help other companies which are dependent on the sector through the supply chain.
The managing director for Lloyds Bank Corporate Markets in Scotland, Alasdair Gardner, said “The net result of larger contracts and more orders for products and services is more jobs. Oil and gas companies already know they will need more capacity to handle the extra business coming their way next year and that is heartening news for the economy and for the jobs market. The strategic importance of Aberdeen as an oil and gas centre of excellence should translate into jobs in the north of Scotland, particularly”.
However, according to the report, there is a shortage of skilled workers to fill these positions. Of those questioned 46% said that a lack of highly skilled workers at a time when the industry was set to grow could create a barrier to that growth.
Earlier this year Utility Exchange reported that experts were warning that the new North Sea oil and gas tax would cost the industry over £50m and thousands of jobs would be lost. This is still one of the barriers to growth according to the report and another report last month said that over 50% of oil and gas operators thought the North Sea oil & gas tax had damaged North Sea investments.