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Boom Time In Oil & Gas To Continue

Boom Time In Oil & Gas To Continue

A new forecast for the UK’s oil and gas industry, the UK’s largest industrial investor, shows that 2013 will see a boom in job creation as North Sea Oil continues to experience unprecedented growth.

The findings from Oilandgaspeople.com, the world’s leading oil and gas job board, reveals that between 40,000 to 50,000 new jobs will be created in 2013 as a result of the increase in oil and gas investment. The forecast reveals that the onset of shale gas exploration will also boost jobs across the UK.

The company’s annual review of the oil and gas sector analysed the impact of the record breaking 27th licencing round which saw DECC awarding 167 new licences on 330 North Sea blocks in October 2012.

The forecast also assessed changes to Government tax regimes in 2012 that have resulted in billions of pounds of investment in North Sea Oil. Investment is at record-breaking levels with more than &pound40 million expected to be invested in North Sea Oil in the next three years.

An increase in demand for engineers and drill crew as well as those who work in the service sector that supports the industry will see a major increase in need for qualified staff. Likewise it is expected that there will be a rise in the need for qualified and experienced geoscientists and exploration engineers.

However, the forecast also found that the recruitment crisis in the industry will intensify over 2013, pushing up average wages, which at &pound64,000 are already twice the national average.

The forecast found that other areas of the world are also increasing investment in oil exploration – the US is seeing increased investment following the Macondo oil spill, with Brazil, Australia, Canada and Iraq all seeing record levels of investment and demand for qualified staff.

“Our forecast shows that with increased investment in North Sea Oil, demand for qualified staff is set to reach an all time high, which will exacerbate an already serious skills shortage, a problem that is being further exacerbated as UK candidates head abroad to earn even higher wages with a huge demand for qualified expats globally,” said Kevin Forbes, CEO of Oilandgaspeople.com.

“In the last few months alone in the UK Stat Oil announced a 4.3 Billion Pound investment into North Sea Oil creating over 700 jobs, a &pound1 billion project to develop the Harris and Barra oilfields was announced,  as well as another billion pound investment by joint venture Canadian-based Talisman Energy and Chinese Company Sinopec.

“Large projects backed by BP West of Shetland are already under way and Totals new Terminal project in Shetland is in full swing. There are too many new projects to mention and from our own industry knowledge we expect more big announcements in 2013,”  he said.

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