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UK oil & gas sector plans for future investment and growth

Published:  13 March, 2015

Ninety two percent of UK oil and gas companies are planning to grow over the next two years according to a survey of a broad cross section the UK oil & gas sector, carried out for Bank of Scotland’s fourth annual oil and gas.

Of the 101 companies questioned, 73 expect headcount to increase with only nine expecting a reduction.

Two fifths (39%) acknowledged that the fall in oil prices had delayed planned investment in growth but when the estimates of net gains and losses for jobs are summed, a total of just under 8000 roles are expected to be created over the next two years. This compares to almost 10,000 jobs having been created by the same firms over the past two years.

Stuart White, area director of commercial banking, Bank of Scotland, said: “While it is obvious the North Sea is facing some serious challenges, this research paints a clear picture of a global industry, which having dealt with similar commodity price challenges in the past, is determined to come through fitter and stronger.

“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. North Sea firms are seen as world leading so it is therefore not surprising they are looking at international expansion opportunities where they can enjoy continued growth backed by the strong expertise they have developed here in the UK.”

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