Things Looking Up For Oil And Gas Workers

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Oil and gas workers who were facing bleak career prospects due to the sharp decline of oil prices worldwide now have something to cheer about. A recent report by Bank Of Scotland reveals that 8000 new jobs are expected to be created over the next two years in U.K. Read on to learn more about the findings of the report and how it will impact oil and gas workers.

8000 Jobs To Be Created Over Two Years In UK Oil And Gas Industry

Oil and gas companies in the UK have demonstrated their resilience in the face of turmoil the world over, due to low oil prices. A report prepared by Bank of Scotland reveals that 92% of companies are planning their growth over the next two years, with hiring plans intact.

According to a recent news article:

“A survey of a broad cross section of UK oil & gas companies, carried out for Bank of Scotland’s fourth annual oil and gas report reveals 92% of companies are planning to grow over the next two years….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 jobs are expected to be created over the next two years.”

Opportunities Seen In Mergers And Acquisitions

The oil and gas companies have recognized the need to consider mergers and acquisitions to strengthen their hold in the market. An increased percentage of companies are showing keen interest in international expansion. This is a silver lining in the cloud, promising better career growth opportunities and a stable career in the oil and gas industry.

Tom Peterkin said in a recent article:

“Firms felt opportunities would arise from the prospect of mergers and acquisitions with a quarter (24 per cent) of firms surveyed hoping to merge or acquire compared with just a tenth (9 per cent) with such ambitions in last year’s survey. The interest in merging was particularly evident in small and medium businesses.”

Many oil and gas companies are concerned about the rapidly aging workforce in the industry and the lack of skilled workforce to replace them. Considering this factor, many companies are cautious about laying off employees and are more intent on growing their business.

It looks like things are looking up for oil and gas workers as the oil and gas industry in UK is poised for growth. Find out more by reading this article.