Oil and gas firms in UK to create 40,000 jobs

The bank’s third annual oil and gas survey of 100 UK companies showed that employment expectations have risen by 15 per cent from last year.

Moreover, 69 per cent of oil and gas executives were confident about their growth prospects for 2014-2015.

International expansion was cited as a priority by two thirds of companies with Africa, Middle East and America seen as key areas for investments, while 46 per cent of companies said they were already planning growth in foreign markets over the next two years.

Bank of Scotland commercial director Stuart White, said: ?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.?

According to the report, talent remains however the biggest concern, with 38 per cent of respondents seeing skills shortage as the greatest challenge companies face.

White added: ?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.?

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