UK Oil and Gas Companies to Add 8,000 Jobs

UK oil and gas companies expect to create thousands of jobs over the next two years despite the dramatic slide in oil prices.

A Bank of Scotland oil and gas report found that 39% of respondents said the price falls had affected investment.

However, when the estimates of net job gains and losses were collated, 8,000 roles are set to be created.

The total is about 2,000 fewer than the number of jobs created by the industry over the past two years.
“Fears that the current oil price slump may cost as many as 35,000 jobs in the UK oil and gas industry, widely reported in the media, may well be greatly overdone,” the report stated.

Stuart White, area director of commercial banking for Bank of Scotland, said oil and gas companies were concerned about an ageing workforce and a lack of skills.

“That explains why the industry is determined to get through the current storm without major workforce reductions,” he said.

Of the 101 companies questioned, 73 expect to increase the number of employees, with only nine predicting a reduction.

BP said in January it was cutting 300 North Sea jobs.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza