Budget 2014: oil and gas in the spotlight
James Strickland, Group Sales Director for Omega Resource Group, comments on the recent 2014 Budget announced by Chancellor George Osborne.
"Whilst this year's Budget didn't shock the UK with a vast number of changes, it was designed to encourage and stimulate the economy. One such change was welcomed by the oil and gas industry with important tax breaks to encourage billions of pounds of extra investment in the UK's maturing oil and gas industry."
"According to Malcolm Webb, chief executive of industry body Oil & Gas UK, predicted the allowances could encourage £5bn-£6bn investment in new North Sea projects. This is good news for the industry as new projects will pump more money into the economy and will provide a welcome relief for those seeking work on oil and gas engineering and construction projects."
"Alongside all this growth comes the question - where will we be sourcing the engineers to build and maintain new energy and infrastructure projects? With this boost in jobs, not every engineer will need to travel long distance or relocate. This in turn places pressure on employers to source the best talent. It is the challenge for HR departments and recruiters to begin planning now to ensure they can supply the right resources for these projects. With the announcement that the GDP forecast for this year is meant to grow by 2.7%, with more rises in subsequent years, growth across all sectors will clearly be on the horizon and with that will come more staffing requirements."
"Recent moves on the world stage for energy supply means that the UK, along with other nations, is closely examining ways to reduce energy dependence upon major suppliers such as Russia, which will provide extra impetus for nuclear and other energy projects."
"We are already seeing a demand for process engineering and oil field services, and this will only continue to increase. One of the biggest challenges the industry as a whole will face in 2014 will be aligning the skills required in the oil and gas sector with our candidates and pool of labour available. Crucial to the success of sourcing within the sector is project planning and understanding when key skills will be required. It is clear therefore that those who plan ahead will reap the benefits."