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Oil and gas firms 'to create up to 34,000 jobs'

Research by Lloyd's Banking Group has revealed that corporations in the oil and gas sector could contribute up to 34,000 new jobs over the next couple of years.

According to the bank's findings, 77 per cent of companies said they were planning to expand during this time, with the vast majority (86 per cent) saying that this would come from organic growth and not from mergers and acquisitions.

Organic growth of a company is defined as development by means of an increase in output per customer or representative of the firm, coming from expansion of the existing business as it is as opposed to by joining with other companies.

Interestingly, a third of respondents in the survey said a lack of skills was the biggest challenge that they would face in light of expansion.

Stuart White, area director of Lloyds Bank Commercial Banking north of Scotland, said: "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."

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Posted by Nikki BarristerADNFCR-1617-ID-801551073-ADNFCR