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With other positive signs for the sector, a survey has revealed that the UK oil and gas industry will create nearly 40,000 new jobs over the next two years.

The research carried out by Bank of Scotland has found that companies are planning to create more new jobs than they’d expected in comparison to 2013. 69% of company executives were confident about job growth, but there were still some concerns. 38% of executives were worried about the lack of available skilled workers.

There is also a strong suggestion that companies are looking to expand internationally with a focus on Africa, North America and the Middle East. If successful, this could see a high level of revenue being pumped back into the British economy.

The commercial area director for Bank of Scotland, Stuart White, said: “The findings of this report are excellent news for the economy, demonstrating the employment-generating nature of the oil and gas industry now and in the future.”

“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.”

Stuart White also suggested that apprenticeships should be used to help counteract the problem of a lack of skilled workers.

Image by Walter Siegmund.