Bank of Scotland: 39,000 jobs to be created in the oil & gas sector during the next two years

| 04/04/2014 | 8 Comments

falklands-oil_2276943bThe oil & gas sector is booming with opportunities to create up to 39,000 new jobs over the next two years, according to new research from Bank of Scotland.

A survey of a broad cross section of 100 oil & gas companies, carried out for the bank’s third-annual report on the sector, suggests expectations of job creation have increased by 5,000 since last year, when it was expected the sector would deliver 34,000 new jobs.

Stuart White, Bank of Scotland Commercial area director 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.”

Contrary to Westminster’s attempts to play down the value of Scotland’s offshore revenues, these findings confirm that the North Sea is a significant growth sector. Investment in new fields is at an all time high.

Kenny Anderson, Managing Director of Anderson Construction and Business for Scotland Aberdeen, was interviewed on Good Morning Scotland today. (see recording below)

The image below illustrates significant new developments, as well as recent discoveries. The vast majority of these discoveries sit within Scotland’s maritime boundaries, and explain why the Bank of Scotland expect further growth to focus on Aberdeen.

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An independent Scotland would receive over 90% of total tax revenue in future decades.

The remaining oil in the North Sea is worth over £1 trillion, with at least 15-24 billion barrels of oil remaining which will continue long into the 21st century. This presents the opportunity to establish a national energy fund for future investment. Norway’s fund is now worth over $840 billion.

These figures do not include the opportunities of future discoveries. Business for Scotland explained the potential for a West coast oil boom that is currently blocked by Westminster. Survey requests in the Firth of Clyde were blocked by Westminster following complaints by the Ministry of Defence that oil production in the Firth would cause problems for Trident nuclear missiles. For this reason independence has the potential to revitalise the economies of Ayrshire and the Strathclyde region as a whole.

Sir Ian Wood’s report into the industry suggested that an expansion in the industry could add £200 billion to the economy.

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About the Author ()

Michael is Head of Research with Business for Scotland. A recent graduate from the University of Glasgow, he has carried out a series of interviews with academics, politicians and the public in Denmark, Iceland and Ireland. Michael's on twitter @GrayInGlasgow.

Comments (8)

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  1. Rab Kay says:

    Mr Anderson forget all the rubbish being bandied about. If you vote No or don’t vote you are denying Scotland democracy. We have never had a government voted in to office purely by scots solely for Scots. Please rethink your No on this basis.

  2. Ian Sanderson says:

    Apologies… This will teach me to read rather than scan!

  3. Danny Small says:

    Good news on jobs. Will there be more jobs created in support industries, retail etc ?

    Good luck to all you YES voters but I will probably vote NO. Not really sure why. About a year ago I was saying “Independence could work but it sounds risky.”. I am now saying “sounds very risky.”

    I am astounded by the extreme views from both sides, with a big void in the middle. I have heard enough and will give up reading anymore. If only someone had written something like (using oil as an example but this type of approach applies to most of the issues) “oil production over the next 20 years is estimated to be in the range X barrels to Y barrels but because of ….. we estimate that it will be towards the top of this range, 80% of Y”

    • all we do in life,is a risk. voting YES is one I’m prepared to take, as it’s a once in a lifetime chance to change the politics,and the way of life in Scotland. no more to be governed by the greed of London and “lorded” over, by that other house next to Westminster.

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