Oil & Gas to Create 34,000 Jobs in Scotland, Report Says

The oil and gas industry could create up to 34,000 jobs in Scotland in the next two years, a report from Lloyds Banking Group has found.

In its "Oil & Gas: Rising Fortunes 2" report released today, the banking group said that continuing growth in the sector, far above what was expected for the rest of the U.K., would lead to the increased number of jobs.

Lloyds surveyed 100 oil and gas companies operating in Scotland to come to its conclusion. Of those respondents, 83 per cent said that they expected to see job growth in the sector. However, 33 per cent of respondents also said a lack of relevant skills in the job sector could prove to be a challenge in the future. 

Those surveyed also expected a greater level of expansion in 2013 and 2014, the Lloyds Banking Group report found, with more companies in Scotland expecting to expand than those companies in other areas of the U.K. The majority of companies (86 per cent) expected this expansion to occur through organic development rather than through merger, the survey also found.

"This is good news for the UK economy and north-east Scotland, in particular, where there is a concentration of oil and gas companies," "Stuart White, area director of Lloyds Bank Commercial Banking north of Scotland, said of the report.

"The 100 companies we surveyed have committed to creating 5,000 jobs, which, if replicated across the industry, would see tens of thousands of jobs created over the next two years."